A: If you are a member of one of the EveryDay Heroes professions- Police, Firefighter, Teachers, Doctors, Nurses, and Social Workers– who would like to be a homebuyer need only qualify for a mortgage loan. Unlike most gifts, ours is a true gift that never needs to be repaid by you, the builder, or the seller. Also there is no administrative fee whatsoever charged for using our gift program. You will work with our approved Realtors©and mortgage lenders that are trained to help you in either of our programs.

It’s really that simple!

A: No, your gift does not come from the builder or seller. Your gift is donated by patriotic companies and individuals that want to show their appreciation to our EveryDay Heroes.

A: The maximum loan amount of the purchase price for a home is the price level set by various federal agencies governing loan products (VA, FHA, FNMA, USDA, FHLMC) for the area in which you are purchasing a home. Purchases above those loan amounts are possible, but will require you to bring more cash for a down payment.

A: That depends. If you are a qualified veteran, then VA financing is available at 100% loan-to-value. If you live in qualified rural areas, USDA Rural Housing 100% financing may be available (subject to geographic and maximum income limits). For virtually everyone else, FHA at 96.5% LTV and Conforming loans up to 97% LTV are available, subject to credit approval, of course.

A: Eventually Yes. Now- Maybe. All the various programs have waiting periods after any of these major setbacks. They can vary from one year to four years or even more.Here’s a breakdown of all the various loan types and how they address these situations. Regardless of the situation though, it is important that you start to rebuild credit after a major incident. A good start is with secured credit cards. Make sure that the one you are looking at has low fees and reports to all three credit bureaus. Keep your balance below 30% of the limit to maximize your FICO score.

A: In most cases, but not all, your out of pocket costs are usually limited to the earnest money that you pay when you submit your offer to purchase real estate and your inspection fees for that property. Our plan is to keep your out of pocket expenses to a minimum. Our agent will negotiate concessions from the seller to help pay a portion of your closing costs and the grant from EHHAF will help take care of the rest. Our gift program helps you with all of the other closing costs associated with purchasing your dream home, and ours is a true gift that never needs to be repaid.

A: Should the transaction not close for any reason, which would be very unusual; all gift funds must be returned to EHHAF for use by other home buyers.