Once an offer is accepted on your behalf for a home and your lender receives the contract they will go to work on your mortgage application. Once your lender has an underwriting approval on your file they will send the file to HAP. HAP will analyze every crevice of the file from Bank Statements/Assets, Paystubs/ Household size.. etc. After they analyze the file they will determine how much the borrower can receive. They do not always receive assistance funds or the full $7,250. This adds about 2-4 weeks additional time to allow time for HAP to review the file and come to a decision. This particular program requires the borrower to live in this property for 10 years or more as a primary residence and does not allow for you to do a cash-out refinance for 10 years either. . If the borrower receives assistance funds and sells property/defaults/converts property to investment property prior to the 10 year mark they will be responsible for paying back whatever assistance funds they received to the program. This program is on a case by case basis. Essentially once I review borrowers documents I will have a good understanding if they can even qualify for the program based on previous experience with these files.
For more information on this program, follow the link below.
For list of providers who offer the course please visit
As always if you have any questions regarding this program offered or any other mortgage related questions please feel free to contact me at anytime.
I am a licensed Loan Officer in the State of Florida. This blog will provide informative information and featured listings.