Are there other financial requirements to participate in the program?

December 8, 2014

You may be required to make an additional down payment contribution from your own funds if your ‘remaining liquid assets’ at the time of settlement will exceed $20,000.

‘Remaining liquid assets’ are defined as your available funds in bank accounts such as checking, savings or money market accounts that are readily accessible without withdrawal restrictions or penalties after you have met any out-of-pocket settlement requirements from your own funds.

Liquid assets do not include Retirement Accounts (such as 401(k), IRA or pension accounts), Investment Accounts (such as stock, bond or mutual funds), Certificates of Deposit (CDs), Business Checking or Savings Accounts.

Liquid asset determinations and contribution requirement estimates are made at the time of the first mortgage loan application. Liquid asset funds that are subsequently transferred to restricted accounts after first mortgage application will not be excluded from contribution calculation requirements.