WORKFLOW From Application to Close

WORKFLOW

The following is the Homebuyer's Workflow from Application to close.

NOTE

There are NO Fees associated with FundMyHome.org; NO Application Fee, NO Broker Fee or added fees or 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)

NOTE

Before applying for Down Payment Assistance, FundMyHome.org requires that ALL Homebuyers get familiarized with the following content:

1.- Frequently Asked Questions
2.- Workflow
3.- Down Payment Assistance Calculator
4.- Zillow.com
5.- Supportive Documentation

NOTE

FundMyHome.org requires that ALL Homebuyers utilize our "Down Payment Assistance Calculator" before they begin their buying process to pre-determine and get familiarized with their:

1.- Dollar amount of Potential eligibility for purchase price
2.- Approximate monthly payment
3.- Approximate cash to close needed out of Homebuyer's own funds
4.- Local Real Estate Market Conditions.

NOTE

FundMyhome.org requires that ALL Homebuyers visit the "Homebuyer's Registration" page to get a Customer ID # before they call the 501(c)(3) Non-Profit Organization.

1.- Pre-Qualification Call with the 501(c)(3) Counselors

Homebuyers call our Customer Service Department with their new Customer ID # to complete their "Pre-Qualification Questionnaire" and "Needs Analysis" The approximate length of time needed for this call is one (1) hour and fifteen minutes. Homebuyers receive the Customer Service Department's telephone number from our Associate Members upon receipt of their new Customer ID #.


(1A) Pre-Qualification Questionnaire is conducted to reconfirm Homebuyers potential eligibility:
i. Potential eligibility for purchase price
ii. Approximate monthly payment
iii. Approximate cash to close needed out of Homebuyer's own funds.


(1B) "Needs Analysis" is conducted to establish the specific details of Homebuyer's requirements
i. Type and description of property
ii. Location
iii. Price point
iv. Distance from work and school
v. Special needs for worship and hospitals
vi. etc


(1C) A preliminary Property Search will be conducted with Homebuyer to reconfirm that their potential eligibility matches their local Real Estate Market Conditions

2. Pre-Approval Period


Should the "Pre-Qualification Questionnaire and "Needs Analysis" yield positive results, Homebuyers proceed to complete their online application and upload their supportive documentation.


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.

a. FundMyHome.org pre-approves your Down Payment Assistance Grant within 4-5 days of receipt of application & supportive documentation

b. Preferred lender pre-approves your Mortgage Loan within 4-5 days of receipt of application and supportive documentation:

(i) Preferred lender submits your loan application and supportive documentation DIRECTLY into the Fannie Mae, Freddie Mac interface (Conventional – FHA, USDA or VA) to obtain a D.U. Approved Eligible Loan Pre-approval.

(ii) The findings of the D.U Eligible Loan Pre-approval specify the terms and conditions of your loan approval and what is needed to process and close your Mortgage Loan in 30-45 days.

3. Meet your Team


a. FundMyHome.org assigns you to one of its preferred Realtors. Your Realtor searches and emails you listing information on available properties that closely match your buying criteria and sets up appointments for you to visit and view your selected properties

b. FundMyHome assigns you to one of its preferred lenders who will complete and process your loan application.

c. FundMyHome.org assigns you to one of its preferred Title Agents who will arrange for and process all the details pertaining to Title work and close the purchase transaction between you and your seller.

4. Shop for your New Home


a. Visit and view selected properties with Realtor

b. Choose the home you wish to purchase

c. Negotiate terms and conditions of sale

d. Sign Purchase Agreement

e. Give Seller Earnest Deposit:


e(i) Earnest Deposit deposited directly with preferred Title Company

e(ii) Earnest Deposit paid for out of Buyer’s own funds

e(iii) Earnest Deposit protected by terms and conditions of the contract

e(iv) Earnest Deposit to the seller is suggested to be a minimum of $3,000.00

e(v) FundMyHome.org DOES NOT receive or handle Earnest Deposits

5. Submission of the Signed Purchase Contract to Bank


a. The fully counter-signed Purchase Agreement along with the Loan Application, All Supportive Documentation and DU Eligible Mortgage Loan Pre-Approval are promptly submitted to bank for processing and closing

b. Bank emails Homebuyer Loan Disclosures / Loan Estimate

c. Homebuyer acknowledges receipt of Loan Disclosures / Loan Estimate

d. Bank is now authorized to order the "Appraisal Report"

e. Mortgage Loan processing time frame is typically 30-45 days

6. Appraisal Report


a. 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.

a. Property Inspections are optional, yet highly recommended

b. Realtor orders a Property Inspection Report at an approximate cost of $350.00 (paid for by Homebuyer)

c. 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.

d. The "Property Inspection Period" is typically seven (7) calendar days.

8. Final Loan Approval


a. Homebuyer notifies Seller of Homebuyer’s receipt of Loan Approval within the "Loan Approval Period" as stipulated within the Purchase Agreement.

b. The "Loan Approval Period" is typically 30 days

9. Clear to Close


a. Your Mortgage Loan is "Clear to Close" upon the Bank's satisfactory completion of their underwriting process

b. You help FundMyHome.org publicize your Grant Event by posting a Social Media Post to your friends and family before you close.

c. The closing of the purchase of your new home takes place at the offices of the Title Company 3-4 days after the loan is "Clear to Close"

10. Loan Closing


a. Real Estate Mortgage Grants and Down Payment Assistance, Inc., wire transfers the funds allocated for Down Payment Assistance on behalf of HomeBuyer

b. Bank proceeds to wire transfer funds to Title Company and emails Funding Docs

c. Homebuyer wire transfers to Title Company what remaining funds are needed to close

d. Seller signs Seller’s Docs

e. Homebuyer signs Buyer's Docs, Mortgage and Note

f. Title Company Closes Purchase Transaction

g. Homebuyer receives KEYS and Closing Documents

h. The end....... Homebuyer becomes Happy Homeowner :)

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