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How are Down Payment Assistance gift funds transfered at closing?

April 26, 2017closing down payment funds gift transfered

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How are Down Payment Assistance gift funds transfered at closing?

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Once the required documents have been received by the Program, a notice to fund is faxed to the loan officer, and the settlement agent is contacted to go over our closing instructions. Gift funds are wired to the settlement agent 1-3 days before closing. After closing, the settlement agent disburses a seller donation to the nonprofit organization, and the pool of funds is replenished for future grants.