PHONEOPS GRANT PROGRAM
ATTENTION FIRST TIME HOME BUYERS!!! You have been invited to our site to take advantage of our "PhoneOps Grant Program". This awesome program will automatically give you a 2% Grant towards a home of your choice if you qualify. The 2% is based on the Sale's Price and it will go towards your Down Payment. The Grant Program Highlights are:
One program used for all types of borrowers, with the same qualifications
Completely forgivable grant, equals 2% of purchase price May be combined with Seller Concessions for Closing Cost No resale or borrower repayment restrictions
Loan Amounts as low as $15,000
NOT A FIRST TIME HOME BUYER?
No Problem! Do you fall under one of the following?
Retired or Volunteer
Police Officer or Fire Fighter Phlebotomists
American Red Cross Worker Civil Servant
Or borrowers total income is equal or less than 140% of median area income
If you fall into one of the above, then THIS PROGRAM IS FOR YOU TOO! The Grant Program is available for Conventional Financing as well as FHA Financing. PhoneOps will determine which financing option you qualify for.
The standard Down payment amount for a Conventional loan is 3% Down and for an FHA loan is 3.5% Down. Now with this 2% Down Payment Grant, you now only need to put 1% Down going Conventional or 1.5% Down going FHA so this is a Huge Saving for anyone that want to keep money in their pocket.
Example: Based on FHA Financing, say you want to purchase a home for $250,000. Normally, your down payment would be 3.5% down ($250,000 X 3.5% = $8,750), now with the Grant Program, your down payment would be (250,000 X 1.5% = $3,750), the Grant is paying $5,000 for you and you don't have to ever pay it back, EVER! If you were going Conventional, you would save even more!!!
When you have settlement, there are fees associated with closing. The Title Company has fees to prepare for closing, there are transfer fees, recording fees, mortgage doc fees, deed doc fees, intangible fees, other Title Company fees and Lender fees. All these fees are collected at closing. It can range from $1,500 to $7,000+ depending on the sale's price and the state the property is in.
Most Lenders charge anywhere between $500 to $1,000 in fees so that's not that bad. To get an idea of what Title Companies charge, go to: First American Website, click "All Fees", put in the basic information and click next. This is just to have an idea of what the Title Company will charge on top of what the Lender will charge. As a reminder, your down payment would be 1.5% of the Sale's Price and your Earnest Money Deposit will go towards your closing cost.
You may get up to 3% (going Conventional)
or up to 6% (going FHA)
of the Sale's price to go towards your closing cost. Your assigned Realtor will negotiate back and forth with the Listing Agent to get assistance for you on your behalf so this is a PLUS
for you. Its no guarantees but it can help.
Example: Using the same scenario above, say the property you want is $250,000 and your assigned Realtor got you 3% Seller Concession ($250,000 X 3% = $7,500). This extra money will definitely help you with closing cost so the Realtor that we will assign you to will work hard getting these additional funds for you but keep in mind, its up to the Seller to agree on how much as they are taking this amount from their Sale's Price.
Guidelines: This program has specific guidelines. View below:
$15,000 Minimum Loan Amount Must have income
(paystubs, SSI, ect)
PhoneOps must pull your
Tri-Merge Credit Report
620 mid FICO
Must have 1% Down
Payment Going Conventional
Must have 1.5% Down
Payment Going FHA
Up to 6% Gift is
allowed from Family Member
* Must be able to show proof of income
* Application Fee
* A Tri-Merge Credit Report fee of $45
* A valid Driver's License or State ID
* Must have a Checking Account
* A Social Security number
We are extremely busy with our awesome program so our time is limited. Only complete the online application if you are really serious in our PhoneOps Grant Program and ready to move forward after completion. Once your application has been submitted, you'll be re-directed to our Check List Page. There you'll download the Grant Program Check List and start uploading your documents to our site. We'll work hard in getting you pre-approved and scheduled for showing in a timely manner.
PhoneOps Grant Program Online Application