How does the builder participate in the Newsongs Down Payment Assistance Program?
A builder participates in the Program by agreeing to the Newsong Purchase Addendum, and a donation equal to the gift amount given to the buyer plus $540 after closing. For example, if the gift amount is $7,000, the builder donation fee is $7,540. A builder is committed to a donation only if a homebuyer utilizing the Newsong Down Payment Assistance Program purchases his home. The closing agent will disburse a builder donation only after a successful closing of sale of the home through escrow.
