|
Q:
What is the Housing Assistance Corporation Program?
|
| A:
Housing Assistance Corporation is a non-profit organization
that offers a special Home buying assistance program
designed to help individuals and families, with limited
capital, to become homeowners. HAC Home grants provide
down payment and closing cost money to approved recipients
for use in purchasing a home. HAC Home Grants is not
a government program. The HAC Home Grant given to the
borrower is a cash-gift and does not have to be repaid. |
Q:
Is the HAC Program Restricted to first time homebuyers?
|
A:
HAC Home Grants vary depending on the needs of the homebuyer.
Maximum grants are $10,000,
except under special circumstances when the limit can
be raised. |
|
Q:
How do I qualify for the Home Grants program?
|
| A:
The
only qualification for the HAC is to need the program.
All applicants are required to take two educational
courses. These courses are mandatory and are Free to
the applicant. Grants are for those who have the desire
to own a home, but need downpayment and closing cost
assistance. The homebuyer must qualify for a mortgage
loan with an approved lender. |
|
Q:
How much money does a buyer need to use the Home Grants
Program?
|
| A:
The Home buyers need little or no money down and several
of the country's primary mortgage lenders' guidelines
allow homebuyers to recieve grants/gifts, from federally
registered non- profit organizations, as part of their
down payment and closing cost. Utilizing the funds from
the Home Grants Program, individuals and families are
able to purchase homes with little or No money down. |
| Q:
How much is the administrative fee for the program?
|
| A:
The HAC Home Grants Program has a $650 administrative
fee on all issued grants. The Seller, Builder or the
lender typically pays the fee. The fee helps to offset
the administrative expenses of the program and adds
to the pool of monies used to issue more grants.
|
| Q:
What properties qualify for the Home Grants Program? |
| A:
New or existing single family homes, townhouses
and planned Unit Developers. For a property to qualify
for a grant/gift it must be"owner occupied". |
|
Q: Is the HAC Program Restricted to first time homebuyers? |
| A:
No. HAC will make all of its services and funding
programs available to anyone needing such assistance.
But all program participants must complete the educational
requirements. |
