I ____________________________________________________________ am seeking Down Payment Assistance from FundmyHome.org and acknowledge my understanding as follows:
1. There are 2 conditions in which mortgage approved homebuyers receive FundMyHome.org’s Down Payment Assistance: (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.
2. The 501(c)(3) only provides Down Payment Assistance at the day of closing, therefore, it is you who must provide your own initial funds to engage the Seller in a purchase transaction.
3. 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 Program managed in collaboration with Real Estate Mortgage Grants and Down Payment Assistance, Inc., a 501(c)(3) Non-profit Organization.
4. Information received from FundMyHome.org is NOT to be construed as an offer to lend or Broker Residential Real Estate
5. My FundMyHome.org Down Payment Assistance Specialist will not ask or collect Money, or information related to my Social Security, Date of Birth, Credit Report, Credit Accounts, or Bank Accounts
6. There are NO Fees associated with FundMyHome.org; No Application Fees, No Broker Fees or added Closing Costs, as 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 $450.00, Property Inspection Report Approximately $350.00. And Earnest
Deposit paid directly to Sellers which is recommended to be a minimum of $3,000.00, which amount may total about $3,839.00
7. *****We want our banks to approve 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 $3,839.00 listed above. For your convenience, the actual total recommended amount, which you will need to show in your bank account(s) prior to initiating your Home Buying process will be displayed for you by our FMH Down Payment Assistance Calculator. Some exceptions may apply (you may show a gift letter and a bank statement from a family member, for some or all of these funds before you initiate your Home Buying process).
8. 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, 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 may always close with $0.00 out of Pocket. What this means is that those who FundMyHome.org is able to help to close with ZERO Out of Pocket may recover their initial expense (Credit Report, Appraisal Report, Home Inspection Report, and Earnest Deposit).