1) All repairs had been needed for home loan approval as evidenced by the assessment; 2) All repairs have now been finished; and 3) All escrowed funds have actually either been released or disbursed. Ої All re re payments from escrow funds for repairs must be made just because of the Member or shutting representative and such re payments must be made straight to the materials and/or providers. Under no condition should escrowed funds be provided with to your homebuyer. The Welcome Home grant will be reduced by a like amount if any unused escrowed funds are released to the homebuyer. Instead of releasing unused funds to your homebuyer, the unused funds can be used being a prepayment associated with the very first mortgage principal.
Ineligible Uses of Funds
Welcome Residence funds is almost certainly not employed for every other purposes except those specifically stated above. Welcome Residence funds might not be utilized to cover significant repairs (in other terms. repairs more than $500), pay back unsecured debt, pay back judgments, buy the mortgage rate down, etc. Read more
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