Seller owes $280k on a house

[Need-a-strategy]

I plan yo close by the end of the month if everything goes well. But I plan to use the Grant America Program. From my understanding, it has the go ahead to continue and the max of the grant is $34k for down payment and closing cost ,of course with seller participation. I just gave an example of a similar program that most people have heard of.
Grant America Program | Down Payment Assistance for Homebuyers

[Daddys///M3]

Originally Posted by Silverfall

Two local lenders told me it had to close by the 1st. The program is officially terminated on Sept 30. Maybe a lender can jump in and clarify.

Just like anything else, this will likely be very lender-specific. However, according to one of the FHA heavy hitters you must have final approval and the MCAW (mortgage credit analysis worksheet) must be signed off by October 1st. You will then have until October 31st to actually close. Of course, being that you must have your CTC basically by the 1st I can't imagine why any of these would close any later than maybe a week out (depending on doc drawers, funding wires, recorders, etc.)

[Daddys///M3]

Originally Posted by Need-a-strategy

I plan yo close by the end of the month if everything goes well. But I plan to use the Grant America Program. From my understanding, it has the go ahead to continue and the max of the grant is $34k for down payment and closing cost ,of course with seller participation. I just gave an example of a similar program that most people have heard of.
Grant America Program | Down Payment Assistance for Homebuyers

HR 3221 specifically bans any and all seller funded down payment assistance programs. Grant America will absolutely be included.

Direct verbiage:


Section 113 -
Increases from 3% to 3.5% of the appraised value of a property the mortgagor's required cash (or equivalent) investment (downpayment). Prohibits any funds for such cash investment from: (1) the seller or any other person or entity benefiting financially from the transaction (seller-funded downpayment assistance); or (2) any third party or entity reimbursed by any of such parties.