12. I ____________________________________________________________ am seeking Down Payment Assistance from FundmyHome.org and acknowledge my understanding as follows:
13. Check Mark __________ There are 2 conditions in which mortgage approved homebuyers receive Down Payment Assistance from FundMyHome.org: (1) They publicize our down payment assistance by posting a social media post when they get a clear to close before they close, and (2) they use the services of our preferred lenders and realtors.
14. Check Mark __________ The 501(c)(3) only provides Down Payment Assistance at the day of closing, therefore, it is you who must provide your own initial out os pocket funds to engage the Seller in your purchase transaction.
15. Check Mark __________ FundMyHome.org is neither a Residential Lender nor a Residential Real Estate Broker, as such it does not offer or broker Residential Mortgage Loans, nor broker the Sale or Purchase of Residential Real Estate. FundMyhome.org is a Down Payment Assistance Grants Program managed in collaboration with Real Estate Mortgage Grants and Down Payment Assistance, Inc., a 501(c)(3) Non-profit Organization.
16. Check Mark __________ Information received from FundMyHome.org is NOT to be construed as an offer to lend or Broker Residential Real Estate
17. Check Mark __________ My enrolling sponsor will not ask or collect Money, or information related to my Social Security, Date of Birth, Credit Report, Credit Accounts, or Bank Accounts. FUNDMYHOME.ORG PROHIBITS ITS ASSOCIATE MEMBERS FROM COLLECTING MONEY OR DOCUMENTS FROM HOMEBUYERS OR OTHER ASSOCIATE MEMBERS.
18. Check Mark __________ There are NO Fees associated with FundMyHome.org; No Application Fees, No Broker Fees or added Closing Costs. Closing Costs are typical
and Customary; Nothing More, Nothing Less. Nevertheless, certain upfront costs are paid directly to service providers out of Home-buyers’ own funds:
• Credit Report Approximately $39.00,
• Appraisal Report Approximately $600.00,
• Property Inspection Report Approximately $400.00.
• Earnest Deposit paid directly to Sellers which is recommended to be a minimum of $3,000.00,
• 2 - 3 months reserves
All totaling a minimum of $6,000.00 - $8,000.00
19. Check Mark __________ We want our Preferred Lenders to approve our Homebuyers’ loan requests, therefore FundMyHome.org recommends that homebuyers show 2 – 3 months mortgage
payment cash reserves left in their bank accounts above and beyond the funds listed above.
Some conditions apply (when using gift funds, you will be required to show a gift letter and two months bank statements from a family member before you initiate your Home Buying process).
These funds, whether your own, or gifted from a family member must be already seasoned/deposited in your bank account for a minimum of 60 days prior to application.
20. Check Mark __________ PLEASE NOTE: At its sole discretion, FundMyHome.org may decide to help Lenders in bringing Homebuyers to close with $0.00 out of pocket...... Additionally...., All Mortgage Approved United States Veterans holding VA Certificates of eligibility, and Homebuyers Approved for a USDA Mortgage, buying a Home inside of a USDA Designated Area can always close with FundMyhome.org with $0.00 out of Pocket. What this means is that applicants who FundMyHome.org is able to help to close with ZERO Out of Pocket may recover their initial out of pocket expense (Credit Report, Appraisal Report, Home Inspection Report, and Earnest Deposit).