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Q:
What is Housing Assistance Corporation?
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A:
Housing Assistance Corporation (HAC) was formed in an
effort to assist individuals and families in obtaining
grant/gift funds from participating non-profit organizations
that promote sound home-ownership programs. Enrolled
program participants receive in-depth education on the
benefits and responsibilities of owning a home. Also
included in the many HAC benefits is a comprehensive
balanced budget-spending program. HAC is a specially
designed
down-payment assistance program, to assist consumers
nationwide! The program is recognized nationally under
the HAC Program. HAC is recognized by the internal
Revenue Service to
administer HUD down payment assistance Grants/gifts
(private opinion letter available upon
request.) |
Q:
What are the "financial" requirements
of the Seller in an HAC transaction?
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| A:
The seller agrees to pay a service fee of 650.00 to
Housing Assistance Corporation and an additional contribution,
which will match that which is gifted by the non-profit
organization. Contributions are generally based on the
calculations of the respective lender's loan underwriter. |
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Q: Is
the HAC Program restricted to first time homebuyers?
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| A:
NO. HAC will make all of its' services and funding programs
available to anyone needing such assistance. All program
participants must meet the educational requirements;
see the educational requirements for details. HAC insures
that the educational requirements of the buyer are compiled
in accordance with the program. HAC staff will work
directly with home buyers to arrange for the required
counseling, however, HAC will not delay loan closings.
HAC will make arrangements with the grant/gift recipients
either before or after the close of escrow. |
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Q: Does
the administration fee have to be paid by the seller?
|
| A:
No. The seller, Builder, Realtor, or Mortgage Company
may pay the $650.00 fee. |
|
Q: Can HAC pay appraisal fees, Lender Points and other
common closing cost? |
| A:
Yes. HAC funds are frequently used to pay most closing
cost, in many cases the funds are also used as the "required"
down payment on the home. |
| Q: Who
is required to attend the Budgeting and Homebuyer Counseling? |
A:
Anyone listed as a borrower in the transaction who will
be occupying the home in question must attend the counseling
courses; Co-Signers who will not be occupying the home
need not attend the courses. |
|
Q: Are there minimum or maximum income limits to
the program? |
A:
No. The Program was designed to assist any individual
who is willing to be educated on the responsibilities
of owning a home and living on a balanced budget; income
is not a limiting
factor. |
