Consumer Closing Costs Subsidy Program
View as PDF: CCCSP Full Program Guide
Thank you for taking interest in Global Home Finance Inc.’s Consumer Closing Costs Subsidy Program. On behalf of Global Home Finance Inc., we are excited to be assisting you in making your dream of becoming a homeowner possible. Our Consumer Closing Costs Subsidy Program helps qualified buyers purchase homes by providing a subsidy toward the eligible normal and customary closing costs (maximum not to exceed $8,500.00) incurred in the purchase of 1-4 residential real property. These funds are provided by Global Home Finance Inc. as the government programs currently provided are inadequate to properly assist all consumers who deserve help under fair terms without trapping them in the home for 5 to 10 years under the threat of repayment. Global Home Finance Inc. follows all federal and state laws when setting certain requirements for this program. These requirements include maximum purchase prices, income limits, U.S. citizenship, home buyer requirements and recapture conditions. Program activities are defined as any projects or activities approved by Global Home Finance Inc. which increase the availability of quality housing to any Global Home Finance Inc. customer. The following Program Guidelines apply specifically to this Consumer Closing Costs Subsidy Program.
The primary objective of the Global Home Finance Inc. Consumer Closing Costs Subsidy Program , hereinafter referred to as PROGRAM, is to increase the availability and affordability of quality housing to all income individuals/families across all communities served by Global Home Finance Inc. by providing closing cost subsidies. The government’s restrictive programs penalized many who need the assistance most or cause sellers to decline offers from certain potential homebuyers due to the stigma and income requirements placed on Down Payment Assistance Programs (DPA). By providing no closing costs programs to educated consumers we have removed the need for a 1% origination fee as is often charged for DPA. We have also removed recapture or pre-payment provisions found in most DPA programs for the sale or refinance of the home. Reduced the minimum 640 credit score down to a 600, and removed income caps. Finally, and central to our program is that the end consumer will not have to pay closing costs, which are generally increased by a 1% origination fee under DPA programs, reducing the immediate net benefit to near zero under the DPA programs and driving the cost of the program lifetime up in the thousands with the higher rates paid on these Down Payment Assistance programs. In the long term the rates for Global Home Finance Inc.’s CCCSP are lower than DPA saving the consumer thousands over the life of the loan. We believe that a Global Home Finance CCCSP loan is the absolute best overall product to obtain a home for the least down with the best long term financing saving the cost and hassle of refinancing later.
Minimum requirements for participation in the Global Home Finance Inc. Consumer Closing Costs Subsidy Program (CCCSP) are:Participants must have at least a 600 credit score to participate in our CCCSP program and verified annual gross household incomes to sustain a housing debt to income ratio in line with 1st mortgage program guidelines currently established for Global Home Finance Inc. government lending programs (Conventional, USDA, VA, FHA program guidelines).
The CCCSP program will offer closing costs subsidies. The participant will be required to contribute a percentage of the purchase price from their own resources. These contributions shall not be borrowed or encumbered funds (i.e., funds the program beneficiary must repay to a third party). The end loan must be a fixed rate 1st mortgage consisting of fully amortizing payments to pay the loan in full under the loan term.
The applicant must have their chosen house inspected by a certified housing inspector. The buyer is responsible for all fees associated with this inspection.
The home purchased by the CCCSP program participant must meet prevailing local housing codes. Global Home Finance Inc. appraisal review standards and applicant must be able to receive an insurable title from the seller unencumbered by any previous liens as well as pass all mortgage lending criteria set forth by Global Home Finance Inc.
The amount of a CCCSP closing costs subsidy will be provided by Global Home Finance Inc. for the purchase of subject property provided as credits on the final closing disclosure provided the applicant meets all conditions of the program.
The home purchased must be within a state Global Home Finance inc. is licensed to do business in.
An important prerequisite to any housing assistance program is publicity. Global Home Finance Inc. will ensure that the public is properly informed about our pursuit of CCCSP and as to the availability of such funds. Public announcements will be made which outline how and where to apply for this subsidy. Applications are available without regard to Race, National Origin, Religion, Color, Sex, Age, Political Affiliation, Handicap, Ancestry, or Familial Status. The information given to the public will include but is not limited to the programs objectives; when and where pre-applications can be obtained and where they are to be submitted; eligibility requirements; and finally, information as to how the process occurs.
To initiate the process of receiving Consumer Closing Costs Subsidy Program, anyone interested will be required to make formal application with us via our phone number: 972-724-3222, online at: https://globalhomefinanceinc.com/apply-now or in person at our office at (913 N Mill St. Lewisville, TX 75057) and obtain a certification to that effect. They will also be required to obtain, in writing, a New Home Worksheet and Pre-Qualification based on information given within the application. Once these two items have been fulfilled the participant will be able to request a to be determined property-application with the Corporate Offices of GHF Inc.. These forms are made available to the public at the offices of the Global Home Finance Inc. website – https://globalhomefinanceinc.com/apply-now or in our office at 913 N Mill St. Lewisville, TX 75057. The pre-applications are dated and numbered upon receipt at the Global Home Finance Inc. corporate office. They are processed on a first come-first served basis.
Global Home Finance Inc. will contact applicants by phone, email and/or letter to inform them that the corporate office is prepared to begin processing their pre-application for CCCSP. Accompanying this initial letter will be a list of the minimum requirements and guidelines which govern eligibility for assistance in the program. Applicants will be asked to call the Global Home Finance Inc. Corporate Office to arrange for a financial interview. To the extent possible, an initial financial review will be made over the phone to ensure that the applicant can identify the various sources of income and the types of verification that may be required to document eligibility. Once this initial review is completed and relevant information clarified, a financial interview will be scheduled which will require the applicant to provide income and asset documentation supporting the responses to their application in the initial review.
Financial interviews are held on the phone and at the corporate offices of the Global Home Finance Inc. 913 N Mill St. Lewisville, TX 75057. The applicants are informed of their right to financial privacy as called for by the Right to Financial Privacy Act of 1978. Also, they are informed that all information given in support of their application for assistance is held in the strictest confidence. The only persons with access to the financial records obtained by GHF Inc. to verify an applicant’s eligibility are representatives from the respective funding source, Licensed Residential Mortgage Loan Originators, Underwriters, and Mortgage Processors who process/audit Global Home Finance Inc. Corporate Office records. Such records are of course available to Office staff for internal control purposes and to ensure that a proper course of conduct has occurred in the awarding of CCCSP assistance. Within these strict parameters all information is confidential and is not released to municipal officials, or other government agencies or departments without the consent of the applicant except as required or permitted by law.
Financial eligibility for all applicants will be based upon gross household income, credit scores, and loan to values of the desired program for which a subsidy is being requested as determined by a program underwriter projecting forward twelve months following the date of the application intake. A reasonable evaluation of past household income over the previous 24 month period will also apply when a significant change in household earnings is anticipated (e.g. a scheduled wage increase, the commencement of Social Security Benefits, or the loss of income with the discontinuance of an Unemployment Compensation claim).
The following are INCLUDED in the calculation of annual gross household income to determine the eligibility of an applicant:
- a) The gross amount, before any payroll deductions, of wages and
salaries, overtime pay, commissions, fees, tips, and bonuses of all adult members of the household. (age 18 and older)
- The net income from the operation of a business or profession or from
rental of real or personal property. Expenditures for business
expansion or amortization of indebtedness are not considered in the computation of net income.
- Interest, dividends, and other income from net family assets. Only the interest portion of the monthly payments received by the applicant is included as income.
- a) The actual amount of periodic payments received from Social Security
– including Social Security received by adults on behalf of minors or by minors intended for their own support. The full amount of annuities, insurance policies, retirement funds, pensions, disability or death benefits, Black Lung benefits, and other similar types of periodic receipts. Including any payments that will begin during the next twelve months. Social Security benefits shall be assessed at the net amount of the benefit award, after deductions for Medicare.
- The full amount of payments received by the applicant in lieu of earnings, such as, unemployment compensation, disability compensation, worker’s compensation and /or severance pay may be considered if the applicant is back to work.
- Public assistance — If the Public Assistance payment includes an amount specifically designated for shelter and utilities and that amount is subject to adjustment by the Public Assistance Agency in accordance with the actual cost of shelter and utilities, the amount of Public Assistance income to be included as income shall consist of:
the total amount of public assistance minus the amount specifically designated for shelter and utilities; plus,
the maximum amount which the Public Assistance Agency could in fact allow the family for shelter and utilities.
- d) Periodic and determinable allowances, such as, alimony and child support payments, and regularly recurring contributions or gifts received from persons not residing in the household.
- Any amount of educational grants or scholarships or Veteran’s Administration benefits available for subsistence after educating expenses, fees and books.
- All regular pay, special pay (except for persons exposed to hostile fire) and allowances of a member of the armed forces who is head of the household or spouse.
The following are NOT INCLUDED in the calculation of annual gross household income to determine the eligibility of an applicant:
- a) Income from dependent minors under the age of 18. Heads of
households and spouses may never be considered minors.
- b) Income of full time students, 18 years of age or older, who are not heads of households or spouses.
- a) The value of coupon allotments for the purchase of food pursuant to
the Food Stamp Act of 1964, as amended, which is in excess of the amount actually charged the eligible household.
- Foster child care payments.
- Casual, sporadic or irregular gifts.
- Lump sum additions to family assets such as inheritances, capital gains, insurance payments included under health, accident, hazard or worker’s compensation policies, and settlements for personal or property losses.
- Amounts which are granted specifically for, or in reimbursement of, the costs of medical expenses. Medical expenses may include those expenses incurred by handicapped residents so that they may live independently (e.g. attendant care).
- Amounts of education scholarships paid directly to the student or to
the educational institution, and amounts paid by the Government to a veteran for use in meeting the costs of tuition, fees, books and equipment. Any amounts of such scholarships or veteran’s payments, which are not used for above purposes and are available for subsistence, are considered to be income. Student loans are not considered income.
- The special military pay to a service person head of a household or
spouse away from home and exposed to hostile fire.
- a) Payments received pursuant to participation in the following volunteer
programs under the ACTION Agency:
National Volunteer Antipoverty Programs which include VISTA, Service Learning Program and Special Volunteer Programs.
National Older American Volunteer Program for persons age 60 and over which include Retired Senior Volunteer Programs, Foster Grandparent Program, Older American Community Services Program, and National Volunteer program to Assist Small Business Experience, Service Corps of Retired Executives (SCORES) and Active Corps of Executives (ACE).
- Relocation payments made pursuant to Title II of the Uniform
Relocation Assistance and Real Property Acquisition Policies Act of 1970.
- Boarder Income from Primary Residence
- Consumer Closing Costs Subsidy Program Process 8
- Housing Counseling and Affordability Determination
- Financial Eligibility Determination
- ‘Pre-qualification’ from GHF Inc. – Global Home Finance will provide you with a new home Worksheet detailing the terms of your proposed CCCSP financing. A pre-qualification letter to make firm offers on prospective new homes for you and your family, and the information on approved realtors in your area. Realtors that are approved to do business with Global Home Finance Inc. under the CCCSP will know how to properly structure the contract for purchase. Additionally, if you would like to have your realtor approved to transact business in our program they may contact Sy Hewitt at email@example.com to sign an RPA form and be enrolled in the weekly training call to receive free training to participate in the CCCSP program for their clients. The realtor will then be able to start to show you homes in your price range based on your pre-qualification letter.
- Shop for a house: House to be purchased is within affordability range of the prospective buyers as determined by GHF Inc. and buyers are instructed to make an offer. At the same time a to-be determined mortgage application is made at Global Home Finance Inc., with proposed documents to be signed by you the consumer outlining estimated monthly mortgage payments, down payment, and any funds for escrow account establishment not covered by the Program. Additionally, you will provide all income, assets, identification, and supporting documents requested by underwriting to be approved under the program. If your request is for a rehab and renovation loan the amount of additional funds necessary to make repairs to bring house up to minimum code standard are to be included in the 1st mortgage application.
- Enter into an Agreement of Sale: The CCCSP approved realtor will provide the fully executed contract to all parties contingent upon results of Certified House Inspection. You will place earnest money deposit if required with title which will be credited by Global Home Finance Inc. towards your minimum down payment requirement under your selected mortgage program.
- Certified House Inspection This inspection is conducted by a certified housing inspector. This service is procured by the applicant. Upon completion of inspection (often by referral from the CCCSP realtor), review of the Certified Housing Inspection by the GHF Inc. Corporate Office Residential Mortgage Loan Originator will identify program qualifications. A conditional approval will be prepared which will identify any items the consumer must provide to gain a full underwriting approval. At this point in the process, any documents not provided in the earlier processes must be provided in a timely manner or the consumer may risk losing their earnest money and wasting their appraisal and inspection fees and or will have to apply again for program eligibility on another property.
- Appraisal – must be conducted by a Global Home Finance Inc approved appraisal management company assigned appraiser (Unless FHA or VA appraisal is logged with housing agency and then it must be transferred by the original lender and reviewed for compliance with AIR and quality reviewed to support value and condition of property is in compliance with program rules).
- Close on Financing: Applicants will receive a closing disclosure which must be acknowledged at least 3 days before closing. This will depict the final cash due at the table for closing. After the 3 day waiting period you will generally sign in the title company who is acting as your settlement agent and give them the cashier’s check or wire with your down payment on the day of closing.
- Get your Keys: When the file is officially disbursed after the title company has uploaded your closing package and our funder has reviewed and agreed the final closing documents are in compliance with all Program guidelines we will authorize the settlement agent to disburse and you get your keys. We hope you will provide us positive reviews to tell others how they can get no-closing costs mortgages on our testimonials page and you will enjoy your new home for years to come.
If a home is within a certified applicant’s affordability range and it is determined by the Global Home Finance Inc. Corporate Office that the purchase is economically feasible based upon purchase price, rehabilitation needs, mortgage conditions, customer qualification, and the available CCCSP subsidy, the purchase will be coordinated and affected. All purchases will, of course, require the cooperation of all parties. The staff will have the prime responsibility for coordination until closing. Global Home Finance Inc. will assist you with selecting a licensed realtor in our partner network that we have vetted under the program and has experience with the CCCSP. This program is subject to change without prior written notice. When funds available for the CCCSP are exhausted Global Home Finance Inc. will evaluate whether another round of subsidy will be provided to new consumers or the program is terminated.