Eligibility:

Program applicants must be residents of Mesa County currently working with a GJARA REALTOR® or Affiliate Lender. The GJARA member must submit the funding request on behalf of their buyer.
The applicant must be pre-approved for home financing with a local lender “approval letter” prior to applying for assistance.
Applicants will be reviewed by a committee of individuals comprised of GJARA members and others as determined and the program will be administered by the CAR Foundation.
Applications/Applicants will only be received, and eligibility verified by the CAR Foundation and its staff, and all applications will be reviewed anonymously by the review committee.
Applicants must be ready to purchase and close on a property within the 90-day distribution period. Those unable to close may apply for an extension or may withdraw their application and reapply for the next distribution period.
Applicants will be managed within current laws and regulations and any/all Fair Housing rules and guidelines
Applicants may only receive distributions on a primary residence and only once every 5 years unless their previous distributions have been fully repaid.

Program Specifics:

The maximum award amount per applicant- $7500.00, (anticipated average of $5000/applicant) the maximum amount to be awarded per year will be capped at $100,000 unless additional funds are raised and are at the discretion of the Foundation Board of Directors
Applicants can qualify with up to 120% of AMI
The funds will be used to pay for closing costs on owner occupied properties, (excluding Broker compensation) and may be used in conjunction with other payment assistance programs including CHAFA, Housing Resources and others as applicable.
The distribution will be in the form of a low interest 5yr. note payable over time with full repayment expected by the 12th month of year 5, upon sale of the property or refinance of the loan.
Distributions will be made through two types of repayment plans. One that allows an interest only option for year 1 at 5% APR with principal and interest due in years 2- 5, or a second option to pay principal and interest payable over 5 years at 3% APR.
The program will be for GJARA primary REALTOR® MLS members and their clients and will be facilitated through GJARA Affiliate Lenders for listings in Mesa County only.
Applications and grants will be managed quarterly by CAR Foundation staff with a set of eligibility criteria for applicants which includes, but is not limited to, completion of the program application and a lender pre-approval letter.
Applications will be submitted at the beginning of each quarter, reviewed and approved within 30 days, distributed to the recipients for transactions closing over the next 90 days. Should the recipients not close within 90 days they may reapply for the next round of distributions, (extensions may be considered at the discretion of the selection committee).
Loans will be serviced by a third-party provider, (Diamond Escrow). The loans will be subject to a setup fee as well as monthly administration fees split between the organization and the borrower. The set-up fee for the loan is $100 with 50% paid by the applicant. Each loan will have a $20/mo. fee with 50% paid by the applicant.

Eligibility:

Program Specifics:

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