Okay so here's the deal. We're very close to closing, literally weeks away. I have 2 competing banks offering me quotes that will result in similar monthly payments. However, bank#1 who we're going with right now, keeps telling us we will qualify for this grant they're offering. If we do not qualify for this grant - it does not make sense at all to go with them. I am having difficulty finding any... [more]
Okay so here's the deal. We're very close to closing, literally weeks away. I have 2 competing banks offering me quotes that will result in similar monthly payments. However, bank#1 who we're going with right now, keeps telling us we will qualify for this grant they're offering. If we do not qualify for this grant - it does not make sense at all to go with them. I am having difficulty finding any information about this magical grant. Based on past experiences, I no longer trust anyone about anything real estate related until we actually own the place so I am trying to find out more info on it.
This is the information that I was given regarding the grant:
-$5000 credit for a purchase ($2500 for a refinance)
-Applicable to all property types (condos and coops)
-No repayment
-Only used for Closing Costs
-Census Tract Driven
-New York City is a priority market
-Income limits of 120% of HUD median income
I was given some form to sign regarding the grant, saying we may or may not get it, but it looks very informal and is certainly not a contract. The title on the form is "America's Home Grant Program"
The mortgage office says I will receive written notice once he files HUD-1. I just cannot wait that long, and I need to know if bank#2 would be able to get us this grant. I do not know if it is an internal grant or if it is through HUD or someone else.
Anyone heard of a grant or program like this? Thanks in advance.
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Response by Apt_Boy
about 16 years ago
Posts: 675
Member since: Apr 2008
The internet is a great thing, try it sometime...
Incentive program called America's Home Grant for Buyers AND existing Homeowners which could potentially yield a buyer $2,500 for a purchase and $1,250 for an existing homeowner on a refinance.
Qualification is based on either being a low income borrower or buying a property in qualifying census
$2,500 does not equal $5,000. And there are only 2 mentions of this program on google?
I will look more closely at the American Dream Downpayment Initiative but I believe that money is specific for "closing costs" and not for a downpayment. But maybe it doesn't matter. Likewise for the downpaymentalliance.
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The internet is a great thing, try it sometime...
Incentive program called America's Home Grant for Buyers AND existing Homeowners which could potentially yield a buyer $2,500 for a purchase and $1,250 for an existing homeowner on a refinance.
Qualification is based on either being a low income borrower or buying a property in qualifying census
http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/
http://www.downpaymentalliance.org/
despite the sarcasm, I appreciate the effort.
$2,500 does not equal $5,000. And there are only 2 mentions of this program on google?
I will look more closely at the American Dream Downpayment Initiative but I believe that money is specific for "closing costs" and not for a downpayment. But maybe it doesn't matter. Likewise for the downpaymentalliance.