Conventional Cash to Close Grant Amounts and Deadlines
When using a Conventional Cash to Close Grant, the full amount of the grant must be used; partial grants are not allowed.
- Fannie Mae HFA Preferred™ and HFA Preferred Risk Sharing™ products: Entire $1,500 must be used.
- Freddie Mac HFA AdvantageSM: Grant amount must be 200 basis points of the loan amount or 50 basis points of the loan amount (rounding up or down in $100 increments) depending on income.
When including the grant on the Closing Disclosure (page 3, section L, lines 1-5), be sure to label the grant as “Conventional Cash to Close Grant.”
Loans with Conventional Cash to Close Grants must close by December 31, 2017 and be purchased by February 15, 2018.