When can WISH Program funds be disbursed to a qualifying household?
The Bank will reimburse the member after receipt of the closing statement showing that the amount of subsidy requested was passed on to the homebuyer. In the event there is cash back to the homebuyer in an amount greater than $250, the subsidy will be reduced unless the member and the homebuyer provide sufficient documentation showing that the cash back was used to pay down the mortgage principal or for downpayment or reasonable and customary closing costs or as a credit toward the household’s monthly payments on the mortgage loan.
