HOMEBUYER'S FAQ

FREQUENTLY ASKED QUESTIONS


WHAT IS FUNDMYHOME.ORG......
FundMyHome.org is 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 committed to assisting Home Buyers achieve home ownership goals.

WHAT IS THE VISION OF FUNDMYHOME.ORG......
The Vision of FundMyHome.org, is the abatement of the unpopular and pervasive phenomenon of Home-Rentership presently threatening low to moderate income families, the Millennials and among others the work force and recent graduates of this great nation.

WHAT IS THE PURPOSE OF FUNDMYHOME.ORG......
The Purpose of FundMyHome.org, is to foster Home-Ownership by providing Down Payment Assistance in a simple and expedited process to all participating mortgage qualified Home Buyers across the United States regardless of their income, even when household income exceeds their Area Median Household Income.

DO I HAVE TO PAY AN APPLICATION FEE TO RECEIVE DOWN PAYMENT ASSISTANCE FROM FUNDMYHOME.ORG....
There is never an application fee or obligation.

IS FUNDMYHOME.ORG ONLY FOR RENTERS AND FIRST TIME BUYERS>......
FundMyHome.org provides Down Payment Assistance to Renters, 1st Time Buyers AND to all other mortgage qualified home buyers.

DO I NEED TO BE EMPLOYED TO RECEIVED DOWN PAYMENT ASSISTANCE FROM FUNDMYHOME.ORG?......
Yes, you must be gainfully employed or self-employed to receive Down Payment Assistance. Nevertheless, Retirees living on pensions or Social Security Income or individuals living on disability income may also be able to receive Down Payment Assistance.

WILL A FORECLOSURE OR BANKRUPTCY DISQUALIFY ME FROM FUNDMYHOME.ORG?......
FundMyHome.org can help you purchase a home even after a bankruptcy or foreclosure provided that the bankruptcy or foreclosure happened more than three years from the time of application. Some restrictions apply.

I HAVE A 640 CREDIT SCORE, COULD I STILL QUALIFY TO RECEIVE DOWN PAYMENT ASSISTANCE FOR A FHA LOAN?......
Yes, you could still qualify to receive Down Payment Assistance for a FHA loan with less than 640 credit score. With FundMyHome.org you can get Down Payment Assistance with a 580 Credit Score and sometime even with NO CREDIT SCORES. (some restrictions apply).

HOW LONG IS THE PROCESS?......
The conditional approval of your Down Payment Assistance takes 5-7 days from the time of application and receipt of your supportive documentation, and you can close within 30-45 days of your signed Purchase Agreement.

DO I HAVE TO REPAY THE DOWN PAYMENT ASSISTANCE?......
The Down Payment Assistance can be received as a Non-Repayable Gift without liens or second mortgages.

COULD FUNDMYHOME.ORG HELP ME WITH A SECOND HOME?......
Yes, FundMyHome.org can assist you with the purchase of your owner occupied second home, or vacation home, (some restrictions apply).

WHAT TYPES OF PROPERTIES AM I OKAY TO PURCHASE?......
You are ok to purchase Single Family Detached Homes. Duplex, Triplex, Fourplex, Condos. Town homes. Villas. Modular, and double-wide manufactured homes.

MY LOAN AMOUNT EXCEEDS $510,400.00. or $765,600.00 in HAWAII AND HIGH COST AREAS, COULD FUNDMYHOME.ORG STILL HELP ME WITH ZERO OR LITTLE OUT OF POCKET?......
Yes, we provide down payment assistance in high cost areas for all mortgage qualified Home Buyers even when jumbo loans are required.

COULD I BUY A FORECLOSED HOME?......
Foreclosed homes are excluded from this program at this time.

I AM A FOREIGN NATIONAL, COULD FUNDMYHOME.ORG HELP ME?......
Yes, foreign nationals are accepted by FundMyHome.org.

I DON'T HAVE A BANK ACCOUNT, COULD FUNDMYHOME.ORG STILL HELP ME?......
You need a bank account, and need to show 2 months, and sometimes 12 months bank statements.

I EARN MORE THAN 80% OF MY AREA MEDIAN HOUSEHOLD INCOME, COULD FUNDMYHOME.ORG STILL HELP ME?......
Yes, provided that you receive a loan approval from one of our preferred lenders. A loan approval from one of our preferred lenders qualifies you to receive Down Payment Assistance. FundMyHome.org has no income limits, as such it can approve your Down Payment Assistance even when you earn more than 80% of your Area Median Household Income.

I FOUND A HOME OURSIDE OF THE GOVERNMENT DESIGNATED AREAS, COULD FUNDMYHOME.ORG STILL HELP ME?......
Yes, FundMyHome.org provides Down Payment Assistance for purchases inside, or outside of Government Designated Areas or locations.

MY PURCHASE PRICE EXCEEDS THE GOVERNMENT DESIGNATED PURCHASE PRICE LIMIT, COULD FUNDMYHOME.ORG STILL HELP ME?......
Yes, FundMyHome.org provides Down Payment Assistance for home purchases exceeding Government Designated Purchase Price Limits.

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