The Program is the latest evolution in home buyer assistance. Designed to assist homebuyers with their down payment, closing costs or any other allowable buyer’s expense shown on the HUD settlement statement. The Program allows sourcing of funds directly from the borrowers account.
Since the funds are sourced as the buyer’s own funds The Program is more flexible and can be used with a number of loan products. The Program can be used with most sub-prime loans and some conventional loans.
The Program allows funds to be deposited into an account in the borrower’s name. The funds then become the borrowers own funds and are no longer considered a “gift” by most lenders. The Funds are then “Sourced” and forwarded to the closing office where they are reflected on the HUD settlement statement as “Cash or Funds from Borrower”.
