Terms and Conditions
General Guidelines
- Available for Properties located in California,
Arizona, Washington and Oregon
- Borrower (Buyer) must be employed in an
approved (related field) of profession
- Contributions are credited to closing cost
only
- Borrower (Buyer) will receive up to 30% of
the purchase or sale’s price of agent’s commission. *(may be less due to
program guidelines)
- Contributions is based on commission
received by an approved Real Estate agent
- Contributions applies to commission
percentage offered in MLS and excludes additional incentives or
reimbursements above this amount
- Borrower (Buyer) is aware that
contributions are offered solely through Help 4 Heroes
- There may be tax implication when
receiving contributions. Borrower (Buyer)
is advised to consult appropriate tax professionals for guidance
- Participating lender will give a lender
credit $1500 towards closing cost.
*(may be less due to program guidelines)
- Certain loan program guidelines may not
allow such contributions and in this case, borrower (Buyer) may not be
eligible to receive any contributions or credits
- All contributions and credits must be disclosed
on Closing Disclosure in compliance with RESPA Guidelines and will be
applied as credit through escrow.
Contributions and credits cannot be paid outside of escrow
Interested Party Contribution Guidelines
- Loan guidelines limit the amount of
credits or contributions that a borrower/buyer may receive through third
parties in the transaction. Third
parties include, but are not limited to Seller, Lender and Realtors. These guidelines are referred to as an
Interested Party Contribution.
Based on the loan to value and loan program guidelines, there is a
maximum Interested Party Contribution that can be received by
borrower/buyer when purchasing a home.
If borrower/buyer is receiving seller contributions toward closing
costs or credits and is less than the maximum Interested Party
Contributions, then the contributions/credits may be applied to closing
costs, up to the Maximum Interested Party Contribution amount. Combined contributions and credits
cannot exceed the borrower/buyer’s actual closing costs and cannot exceed
the maximum amount.
- Amounts that exceed closing costs are not
permissible by lender/real estate agent and cannot be paid.
- In some instances, lender may limit or
prohibit the amount of contributions and credits allowable, in these
situations, borrower/buyer will not receive contributions or credits.
- During the transaction process, additional
contributions including but not limited to Seller credits may affect your
eligibility for the contributions or credits if you have already met the
maximum contributions allowed.
Discuss all contributions and credits with your loan officer to
determine how they can be applied and the maximum amounts allowable.