How does the seller participate in Newsong Down Payment Assistance Program?
Sellers will contract for up to full market value and offer buyers the option of consolidating expenses and down payment with Newsong. The seller in turn replenishes the Newsong Fund equal to the gift amount plus a modest administrative fee after closing. Sellers receive what they expect and buyers get the cash they need with no out-of-pocket expenses. A seller is committed to a donation only if a homebuyer utilizing the Program purchases the home. The closing agent will disburse a seller donation only after a successful closing of sale of the home through escrow. There are absolutely no out-of-pocket expenses.
