Each year Pinnacle has access to a grant from one of the Federal Home Loan Banks we work with.  The grant is called the Welcome Home Program.  The grant can be used for down payment and closing costs for buyers.  The maximum amount available per buyer is $5,000 and most will qualify for the full amount.  The buyer does not have to be a 1^st time buyer but does have to meet specific eligibility requirements to be eligible for the grant.  This grant is now available for new applications.  The grant typically runs for 60-90 days but there is no guarantee on the timeframe as it simply depends on how quickly the available funds are exhausted.  See below for some of the important requirements of this program.  Please note there is a 4-6 week turn time for approval-there is no exception to this policy so if you have a closing that is scheduled for less than 4-6 weeks we cannot be sure that the grant will be available.  This is not something we can speed up since we have to wait on the Federal Home Loan Bank to approve the request. 

Also, please be aware that there is no circumstance under which this email or any information on this program should be used in marketing or advertising.  This is only to be shared with your clients/friends via word of mouth.   
Please let me know if you have any questions.  I would love to assist any buyers you may have that qualify for this program. 

Thanks!!

BW 

Some (but not all) of the important terms/conditions of this program are: 

1.     All sources of income for everyone in the household 18 years and older must be included in the total income.

2.     Client’s income cannot exceed 80% of median income (see attached).

3.     Client does not have to be a first time home buyer, but meet income requirements and limits.

4.     First time home buyers must attend homebuyer’s education course and provide homebuyer education certificate once class is completed.

5.     Client must have $500 of their own money into the deal (up to 60% may be a gift).  If the client is disabled (disability must be explained) all of the $500 may be gifted.

6.     Reservation for funds are property specific and cannot be transferred to a different property.  If the client changes his or her mind and decides to purchase a different property (for whatever reason), the reservation must be cancelled and a new reservation request must be submitted.  At this point, the process would start over with a new reservation received date, etc.

7.     Client must understand and acknowledge that the home will be subject to a five year retention language period restriction and if the home is sold or refinanced before the end of the five year retention period, the grant must be repaid at a prorate share.

8.     Funds are for primary residence, purchase loans only.

9.     All loans must close in the name of Pinnacle National Bank.

10.  The processing time for an approval is 4-6 weeks from the date the reservation request is received by the Federal Home Loan Bank (FHLB).  The loan cannot close prior to the FHLB approval.  There are no exceptions to this rule.  If the loan needs to close sooner there is no way to guarantee the use of the program. 

Billy Winfree

Pinnacle Financial Partners

Phone: 615.743.8397

Fax: 615.386.3595

www.pnfp.com

Nashville First Time Home Buyer Seminar

Ask me how you can own this contemporary home for as little as $1200 out of pocket and $799 per month. The Housing Fund and TDHA are still financing low down-payment assistance programs in Nashville, TN. Income guidelines and minimum credit score guidelines apply - based on loan availability.

579 Castlegate Dr. Nashville TN 37217

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