How do I know if I qualify for this program?
Talk to the Realtor you have chosen to work with. In most cases, if you are employed in any capacity by a local school district, hospital, medical or dental office, fire department, law enforcement or are currently serving in the military or veteran status, you qualify. *See conditions of qualification.
Can I use these funds for my down payment?
In most cases, unfortunately the answer is no. Most loans will not allow “credits” at closing and your down payment must be from your own funds or a gift from a relative. This is the same for closing costs. These funds will be provided to you after closing. However, we recommend checking with your lender, as it may be possible depending on the type of loan you are receiving.
How much will I receive?
The amount of the “gift” is based on 15% of the Realtors net commission, which is based on the purchase price of your home. There are no taxes for you to pay. The Realtor covers those. And you do not claim the amount as income. It is a true gift to you as a thank you for your service.
What can I use these funds for? Are there any stipulations or catches?
What do you need to buy for your new home? You choose how to spend the money. Want a new washer and dryer? Need a refrigerator? Want to take a cruise after moving? Need car repairs? Planning a wedding, birthday party, anniversary or a big bbq for all the people who helped you move? The choices are endless. Its your money. Put it in your bank account and spend it however you want!