The Housing Action Resource Trust (HART) aims to increase homeownership opportunities for those that can afford a mortgage payment but cannot come up with the immediate funds required for a down payment on a new house. To this end, HART offers gifts of up to $15,000 to cover the upfront costs associated with a home purchase, i.e. down payment, closing costs, pre-paid and rate buy-downs. An added benefit ? HART promises a response on a gift request within 8 hours. The program is available nationwide, to all individuals and families regardless of income, and for resale and newly constructed houses. Any costs? Only for the seller, who must agree to pay to HART the amount of the buyer’s gift. This agreement should be included in an addendum to the home contract. A unique feature of this program is that the associated transaction fee of $350 for new homes, or $500 for resale, can be paid by or split between the seller, buyer, lender or realtor. The seller is not required to shoulder the entire fee. Buyers who have found a home and a mortgage lender can request a gift online. HART also enables buyer to find and apply for a home loan online through its website. Gift requests and letters are to be submitted by the lender on behalf of the buyer. Gifts up to $15,000 can be used for down payment or other eligible uses. Seller pays gift amount. Fee of $350/$500 can be split among parties to the transaction. Contact Housing Action Resource Trust, Inc., 8711 Monroe Court, Suite A, Rancho Cucamonga, CA 91730; 888-820-HART; www.hartprogram.com
Income Eligibility: None
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