Buyer
Grant Program Overview
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Housing Assistance Corporation (HAC) is a federally registered
non-profit organization. Housing Assistance Corporation
works in association with other federally registered 501
(c) (3) non-profit corporations to provide the many services
we offer. Our Grant program called "Home Grants™"
is available to homebuyers nationwide.
We
provide cash Grants/Gifts to homebuyers that are willing
to be educated on home ownership and on the responsibilities
of living on a balanced budget. Our Grants/Gifts vary in
amount up to $10,000.00 (they can be greater depending on
the circumstances) and can be used for Down Payments, Closing
Costs, or other qualifying items. All Home Grants™
issued from HAC Do Not Require Repayment. Most Home Grant
pre-approvals are issued within 48 hrs.
As
we are a privately funded Non-Profit organization our funds
can be distributed as quickly as 24 hours after Grant approval.
Typically, most funds granted when needed depending on your
closing date.
We
are able to provide Home Grants for people who:
- Are just beginning
their home search
- Have or have
not begun working with a Real Estate Agent
- Have or have
not yet found that perfect house
- Have or have
not begun working with a financial institution regarding
the financing of your home
- Are interested
in purchasing a home that is "for sale by owner
Additionally,
for those Grantees who are in need of our services, HAC
can also coordinate and provide the following:
- Complete Home
Loans at competitive interest rates via participating financial
institutions that participate in our program and support
our Non-Profit organization. These lending institutions
are among some of the largest and most well respected in
the nation. The large numbers of people we help enable us
to negotiate with the lenders on a homebuyer's behalf.
- If you have
not yet decided on Real Estate Agent HAC can refer our Grantees
to a local Real Estate Agent who is qualified to handle
your home search knowing of your Home Grant request. HAC
maintains an excellent working relationship with several
of the nations leading Real Estate Firms. Some of the countries
most successful Agents and companies have worked with our
program.
Home Grant Requirements:
All individuals who wish to receive a Home Grant must complete
our educational courses to qualify for our Home Grants program.
The course is to be completed before the funds are granted.
There is no cost to the Grantee for these educational courses.
Those completing the courses will be issued a Certificate
of Completion. A HAC Trust Management Supervisor will validate
the completion Certificate.
Upon
pre approval, a HAC Home Grants educator will contact you
to arrange a time and date for our courses. Our Homeownership
Counseling Courses will take approximately 2 to 4 hours
to complete. The courses include the basics of responsible
home ownership and a comprehensive balanced budget-counseling
program. The course itinerary is as follows:
Introduction
to the Home Grants Program
Balanced Budget Education & Credit Management
Complete Form HAC form 1130 (a basic budget planner)
Instructor Review of the HUD homebuyer
Open Question with Question and Answers
Most
of our grantees have been very enthusiastic about our program.
All who have completed our course have a better understanding
of responsible homeownership.
STEP-BY-STEP
APPLICATION PROCEDURE:
- Complete E-Z
Grant request (located on home page) with as much data as
possible. You may print the form and fax (702-385-4055)
or you may submit the form online. Once we receive your
application we will register you as a Home Grant Applicant.
- Once processed,
we will issue you a "Pre-Approval". The file will
be then listed as an "Active Grant". The Pre-Approval
will include the lenders name "If available" and
will be faxed to the lenders office or mailed to a designated
location. You can expect the pre-approval issued within
48 hours. If for some reason you do not qualify for our
Grant money, you would also be notified within the same
48 hours.
- Home Grant educators
will contact you (the applicant) to complete the education
requirement. An education certificate will be issued to
the clients upon completion of the course. Copy will be
furnished to lender upon request.
- The next stage
is the "Pre-Closing". During this process the
need for a "Gift Letter" will arise. This letter
documents to your lender that the grant you have received
is actually a gift with no obligations or repayment required.
Prior to us sending the Gift Letter we will need some documentation.
Your lender then supplies HAC with the Necessary forms.
These items will be needed within 48 hours of funding. This
will give us the needed information to Issue the approved
Gift Certificate and quality control the file for accuracy.
- Loan Closing.
Lender notifies HAC of the closing date at least 48 hours
prior to funding. Our staff helps thousands of people needs
this time to insure you Grant is processed timely and accurately.
The Lender provides the name of the Title Company, their
phone number, fax number, and a contact person. Additionally,
they will supply us with the escrow number and final grant
amount. The Closing information is faxed (702) 385-4055
or phoned (702) 385-3973 directly to our closing department.
HAC will then contact the Title Company and arranges for
the Grant to be wired directly to the Title Company.
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