Welcome to FundMyHome.org, a Down Payment Assistance Program managed in Collaboration with Real Estate Mortgage Grants and Down Payment Assistance Inc, a 501(c)(3) Non-Profit Organization.
We're committed to help 1 Million families across America Achieve the American Dream, by definition "Homeownership".
You have reached our Homebuyers Workflow from application to close. This is where and how you would Apply for your Non-Repayable, No Income limit Down Payment Assistance from FundMyHome.org.
THIS IS YOUR APPLICATION PORTAL FOR DOWN PAYMENT ASSISTANCE
There are NO FEES associated with FundMyHome.org; NO Application Fee, NO Broker Fee, NO added fees of any kind. Nevertheless, there will be certain upfront costs associated and needed from ALL Homebuyers to initiate the purchase of their new homes, which must be paid out of Homebuyer's own funds (Credit Report, Earnest Deposit, Appraisal Report and Property Inspection Report).
Homebuyers are encouraged to get familiarized with the following content before applying for Down Pmt Assistance:
... Frequently Asked Questions,
... Supportive Documentation.
There are Two (2) Conditions in which Homebuyers receive Down Payment Assistance from FundMyHome.org:
One... They help us Publicize their Grant event to their friends and family when they get a Clear to Close
Two... They utilize the services of our Preferred Lenders and Realtors.
...... Ignoring these conditions will also affect compensation to enrolling sponsors.
****BELOW IS OUR 10 STEP WORKFLOW-PROCESS FROM APPLICATION TO CLOSE****
1.- Pre-Qualification and Needs Analysis Call with the 501(c)(3) Counselors
Homebuyers obtain their Homebuyer ID#, submit their Pre-Qualification Questionnaire, and access our Online Calendar to schedule a time to discuss their "Pre-Qualification" and "Needs Analysis" with our 501(c)(3) counselors; the approximate length of time needed for this call is 10 - 20 minutes. Make sure to have your Last Two Years Tax Returns at the time of your Pre-Qualification Call.
In the Pre-Qualification call we will determine:
... The Dollar Amount of your Potential Eligibility,
... Approximate anticipated monthly payment,
... Approximate anticipated cash to close needed out of Homebuyer's own funds.
In the Needs Analysis call we will determine:
... Specific details of Homebuyer's requirements,
... Type and description of desired property,
... Price point,
... Distance from work and school,
... Special needs for worship, hospitals, etc.
Also, a preliminary Property Search will be conducted with Homebuyer to reconfirm that their potential eligibility matches their local Real Estate Market Conditions.
Should the "Pre-Qualification Questionnaire and "Needs Analysis" call yield positive results, Homebuyers proceed to upload their Supportive Documentation and schedule their Document Review Call on our Online Calendar
To insure success, FundMyHome.org and its preferred lenders DO NOT work with mortgage "Pre-Qualification Letters" ; We ONLY work with actual government backed Pre-Approvals obtained directly from the actual Fannie Mae - Freddie Mac interfaces which specify the exact terms and conditions of the mortgage loan and what is needed to process it and close it.
What's more, our preferred lenders provide our Down Payment Assistance Recipients with Full Loan Approvals subject only to Satisfactory Appraised Value and Title before they go out shopping for their new homes
... Down Payment Assistance will be Non-Repayable, and without liens or second mortgages,
... FundMyHome.org does not have income limits,
... Mortgage loan will be (Conventional – FHA, USDA or VA),
... Preferred lenders only offer Government Backed loans at prevailing competitive rates.
DO NOT UPLOAD YOUR SUPPORTIVE DOCUMENTATION UNTIL YOU HAVE BEEN PRE-QUALIFIED.
2. Homebuyer Uploads Supportive Documentation
... FundMyHome.org approves Grant within 5-7 days of receipt of application & supportive docs,
... Preferred lender pre-approves Mortgage in 5-7 days of receipt of application and supportive docs,
... Preferred lender submits loan application and supportive docs to Fannie Mae, Freddie Mac,
... The D.U Eligible Loan Pre-approval specifies terms and conditions of mortgage,
... Pre-approval specifies what's needed to process and close Mortgage in 30-45 days,
3. Meet your Team
... FundMyHome.org assigns you to one of its preferred Realtors,
... Realtor searches and emails you listing information on available properties,
... Realtor sets up appointments to view selected properties,
... A Preferred Lenders completes and processes your loan application,
... A Title Agent insures Title and settles the transaction between you and your seller.
4. Shop for your New Home
... View selected properties with Realtor,
... Choose the home you wish to purchase,
... Negotiate terms and conditions of sale,
... Sign Purchase Agreement,
... Give Seller Earnest Deposit,
... Earnest Deposit deposited directly with preferred Title Company,
... Earnest Deposit paid for out of Buyer’s own funds,
... Earnest Deposit protected by terms and conditions of the contract,
... Earnest Deposit to the seller is suggested to be a minimum of $3,000.00
... FundMyHome.org DOES NOT receive or handle Earnest Deposits.
5. Submission of the Signed Purchase Contract to Bank
... Counter-signed Purchase Agreement is submitted to Bank,
... Loan Application is submitted to Bank,
... Supportive Documentation is submitted to Bank,
... DU Eligible Mortgage Loan Pre-Approval submitted to bank,
... Bank begins loan processing,
... Bank emails Homebuyer Loan Disclosures / Loan Estimate,
... Homebuyer acknowledges receipt of Loan Disclosures / Loan Estimate,
... Bank is now authorized to order the "Appraisal Report"
... Mortgage Loan processing time frame is typically 30-45 days.
6. Appraisal Report
... Bank orders Appraisal Report at an approximate cost of $450.00 (paid for by Homebuyer).
7. Property Inspection Period
With the exception of new construction, Residential Real Estate is typically bought and sold "As is with the right to inspect" which means that Buyers purchase the property AS IS and Sellers are exempt from any obligation to warrant the condition of their properties, and are exempt from any obligation to repair them. As such, it is highly recommended that Buyers hire a professional home inspector to inspect the condition of the subject property during the "Property Inspection Period" of the contract.
... Property Inspections are optional, yet highly recommended,
... Realtor orders a Property Inspection Report at an approximate cost of $350.00 (paid for by Homebuyer),
... The "Property Inspection Period" is typically seven (7) calendar days.
As per the covenants of the "Property Inspection Period" clause of the contract, Homebuyers have the right to cancel the Purchase Transaction and be released from all of its contractual obligations provided that they cancel the contract within the "Property Inspection Period" at which event, Homebuyers are also entitled to be refunded the full amount of their Earnest Deposit.
8. Final Loan Approval
... Homebuyer notifies Seller of Homebuyer’s receipt of Loan Approval during the Loan Approval Period,
... The "Loan Approval Period" is typically 30 days.
9. Clear to Close
... Your Mortgage is "Clear to Close" upon the Bank's satisfactory completion of their underwriting process,
... You help FundMyHome.org publicize your Grant Event by posting a Social Media Post to your friends and family,
... The closing of your new home takes place at the Title Company 3-4 days after the loan is "Clear to Close".
10. Loan Closing
... The 501(c)(3) wire transfers the funds allocated for Down Payment Assistance,
... Bank proceeds to wire transfer funds to Title Company and emails Funding Docs,
... Homebuyer wire transfers to Title Company what remaining funds are needed to close,
... Seller signs Seller’s Docs,
... Homebuyer signs Buyer's Docs, Mortgage and Note,
... Title Company Closes Purchase Transaction,
... Homebuyer receives KEYS and Closing Documents,
... The end....... Homebuyer becomes Happy Homeowner :)