Frequently Asked Questions
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Buyer's Frequently Asked Questions
- Buyers must qualify for a loan that allows Gift Funds.
- No home buyer counseling course to attend
- No asset restrictions
- No “reserve” requirements
- Home protection plans are not required
- Roof certifications are not required
- Do not need to be first time home buyers
EASY
Where do the gift funds come from?
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RealtyAmerica.Org is an
IRS approved tax exempt organization. RealtyAmerica.Org’s main purpose
is to help people achieve home ownership by giving downpayments.
RealtyAmerica.Org has funded reserves from prior operations in order to
gift these funds.
The gift funds will be
transferred to the settlement/closing agent at closing time. You will
not have to handle or transfer the gift funds between banks and title
companies or worry about getting certified funds or cashier’s checks.
RealtyAmerica.Org makes it EASY for you.
Is this program only for first-time homebuyers?
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Any buyer can utilize the RealtyAmerica.Org Gift Program.
Is the Gift only to be used for downpayments?
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No, the gift can be used for closing costs also.
Is there a limit to the amount of gift money?
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RealtyAmerica.Org will
gift up to 5% of the purchase price of the property to the Buyers.
Higher gift amounts are available but must be specially considered.
How do I know what is going on during the process?
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Simply click on the menu option for Gift Application then select the Status option and check the progress of the downpayment gift. If any information is still needed, just update the application with the Update Current Application option and the status will be updated within twenty-four hours.
What if changes need to be made to the information on the Application?
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Simply click on the Gift Application menu option, then select the Update Current Application option and enter any additions or changes to the information and press the submit button. It’s that easy.
Once the application is completed, the process will only take approximately two days
Which loans allow these gift funds?
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All FHA Loans and most
conventional loan programs allow gift funds for the buyer. Some
conventional loans may require a small percentage from the buyer to be
used along with any gift funds.
You can obtain the FHA loan limits for your area by clicking here.
Seller's Frequently Asked Questions
- Buyers must qualify for a loan that allows Gift Funds.
- No home buyer counseling course to attend
- No asset restrictions
- No “reserve” requirements
- Home protection plans are not required
- Roof certifications are not required
EASY
Do the gift funds come from the Seller?
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No, the funds used for
gifts are donated by RealtyAmerica.Org. out of their Gift program.
RealtyAmerica.Org has built up reserves to fund these gifts out of
prior operations.
Where do the gift funds come from?
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At closing, the Seller
makes a contribution to the program, which covers the administrative
costs of the program and helps replenish the pool of funds so that even
more people can become homeowners
Will I have to increase the price of the house to cover the cost of the program contribution?
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The RealtyAmerica.Org
program will increase the chances of getting a full price offer on your
property. Many properties on average will actually sell for 93% to 96%
of the asking price. By utilizing the RealtyAmerica.Org Program with a
100% offer, you will net approximately the same as you would without
the program, but you will have a much broader range of potential buyers
to help you sell your property much quicker.
Realtors® Frequently Asked Questions
- Buyers must qualify for a loan that allows Gift Funds.
- No home buyer counseling course to attend
- No asset restrictions
- No “reserve” requirements
- Home protection plans are not required
- Roof certifications are not required
- Do not need to be first time home buyers
EASY
What do Real Estate Agents do?
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- Have the application completed and submitted
- Have the addendum incorporated into the purchase and sale contract
- Schedule closing as usual
- No Agent registration required
EASY
Once the application is completed, the process will only take approximately two days
How do I know what is going on during the process?
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Simply click on the menu option for Gift Application and then select the Status option to check the progress of the down payment gift. If any information is still needed, just update the application with the update current application option and the status will be updated within twenty-four hours.
What if changes need to be made to the information on the Application?
|
Simply click on the menu option for Gift Application and then select the update application option, enter in any additions or changes to the information and press the submit button. It’s that easy.
Is the Gift only to be used for downpayments?
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No, the gift can be used for closing costs also.
Which loans allow these gift funds?
|
All FHA Loans and most
conventional loan programs allow gift funds for the buyer. Some
conventional loans may require a small percentage from the buyer to be
used along with any gift funds.
You can obtain the FHA loan limits for your area by clicking here.
Any home will qualify for our program as long as the seller agrees to the contract addendum.
Lender's Frequently Asked Questions
- Buyers must qualify for a loan that allows Gift Funds.
- No home buyer counseling course to attend
- No asset restrictions
- No “reserve” requirements
- Home protection plans are not required
- Roof certifications are not required
- Do not need to be first time home buyers
EASY
Do the gift funds come from the Seller?
|
No, the funds used for
gifts are donated by RealtyAmerica.Org. out of their Gift program.
RealtyAmerica.Org has built up reserves to fund these gifts out of
prior operations.
Where do we get required documentation on the RealtyAmerica.Org Gift Program?
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Click on "IRS Approval Letter" and print it out. You may also wish to see HUD Mortgagee Letter 00-08 for more information concerning this program.
Can the Gift funds be used for other reasons?
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Yes, the gift funds can be used for closing costs also.
Once the application is completed, the process will only take approximately two days
Which loans allow these gift funds?
|
All FHA Loans and most
conventional loan programs allow gift funds for the buyer. Some
conventional loans may require a small percentage from the buyer to be
used along with any gift funds.
Builder's Frequently Asked Questions
- Buyers must qualify for a loan that allows Gift Funds.
- No home buyer counseling course to attend
- No asset restrictions
- No “reserve” requirements
- Home protection plans are not required
- Roof certifications are not required
Do the gift funds come from the Builder?
|
No, the funds used for
gifts are donated by RealtyAmerica.Org. out of their Gift program.
RealtyAmerica.Org has built up reserves to fund these gifts out of
prior operations.
Where do the gift funds come from?
|
At closing, the Builder
makes a contribution to the program, which covers the administrative
costs of the program and helps replenish the pool of funds so that even
more people can become homeowners
Is the Gift only to be used for downpayments?
|
No, the gift can be used for closing costs also.
Nationwide Down Payment Gift Program
Copyright 2005, RealtyAmerica.Org, Inc.