Americas Home Grant

[Andee]

Has anyone ever been asked to put language in that the property qualifies for "Americas Home Grant"? I guess it's a grant for non-recurring closing costs for up to $7,500, I've never heard of the program until now, and it's not the seller providing the funds, so I would think that it doesn't go into the concessions section. I also don't know how a property or borrower qualifies for it. Shouldn't this be a Lender thing and not an Appraiser thing?

 

[alebrewer]

Agreed - not sure how they would expect you to know the requirements for qualifying for America Home Grant? I'd ask them where, in the Engagement Letter, it stipulated that requirement.

 

[TerryRohrer]

Who determines if the property qualifies? Who is asking that the language be inserted into the report? If it isn't part of the contract, it doesn't seem to fit the concessions section.

 

[Andee]

Who determines if the property qualifies? Who is asking that the language be inserted into the report? If it isn't part of the contract, it doesn't seem to fit the concessions section.

Lender is asking for the language. Definitely not part of the contract, tenant is purchasing the property from the owner, no RE Agent involved and not on your typical promulgated contract form. Still trying to figure out who determines if the property qualifies.

 

[Andee]

After reading more about it, it's a Lender program specifically through Bank of America, this is definitely not an Appraiser thing.

 

[alebrewer]

Lender is asking for the language. Definitely not part of the contract, tenant is purchasing the property from the owner, no RE Agent involved and not on your typical promulgated contract form. Still trying to figure out who determines if the property qualifies.

Typically underwriters make that determination based on the grant/loan program. We have several DPA programs here - NJ Housing Authority, Chase DreaMaker, etc. We do not require appraisers to make those determinations.

 

[Andee]

Agreed - not sure how they would expect you to know the requirements for qualifying for America Home Grant? I'd ask them where, in the Engagement Letter, it stipulated that requirement.

I read further about the program and there is an income based component to it, so unless they want to disclose their guidelines and the borrowers income, this is definitely a Lender things. Sent an email letting them know this revision will not be taking place, copy and pasted the language from their website, which shows the income qualification, and reiterated this is a specific Lender program by this Lender only.

 

[Terrel L. Shields]

"Americas Home Grant"?

 

[sputnam]

Has anyone ever been asked to put language in that the property qualifies for "Americas Home Grant"? I guess it's a grant for non-recurring closing costs for up to $7,500, I've never heard of the program until now, and it's not the seller providing the funds, so I would think that it doesn't go into the concessions section. I also don't know how a property or borrower qualifies for it. Shouldn't this be a Lender thing and not an Appraiser thing?

Dear Client,

I am the appraiser. I have never heard of 'Americas Home Grant' and am not qualified by knowledge to make the determination as to whether the subject or borrower qualifies for the program or not. I am fully qualified to develop and report an opinion of the market value of the subject property in accordance with USPAP and other regulations. If you would like me to address your request, please contact me to discuss my fee. It would he helpful if you can provide me with the complete guidelines for 'Americas Home Grant'.

 

[J Grant]

After reading more about it, it's a Lender program specifically through Bank of America, this is definitely not an Appraiser thing.

If your client asked for the language in your report, they have made it an "appraiser thing." You should ask, by the way, if there is an addendum or document that the lender is contributing $ to the closing costs under this program. (because if there is, then it is a concession.

Seems pretty simple: "The lender has informed the appraiser that the subject property qualifies for a grant , called America's Home Grant of $7500 for closing costs from X bank. There is no clause in the contract copy provided that referenced any closing costs paid by a seller or the lender. Therefore, no concession was entered. (if that is true ) The fact that the property qualifies for the grant has not affected the opinion of market value."