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Financial Planning / Tax Strategies
|Subject: Re: Capital Gaines on sale of house||Date: 10/9/2001 10:52 PM|
|Author: jcopenhaver||Number: 54497 of 119631|
The mortgage broker sent me an addendum to add to the contract. It's from an outfit called Futures Home Assistance Program (www.futuresassistance.com). The addendum reads:
"Futures Home Assistance Program has agreed to provide buyer acquisition cost assistance of 6 Percent of the purchase agreement price which equals $5,715.42. FHAP uses it's own funds. No portion of this GIFT has come from any person or entity with an interest in the sale of this property, including the Seller, Real Estate Agent or Broker, Builder, Loan Officer or Mortgage Company, or any entity associated with them.
No repayment is required for this gift.
* The seller must agree to participate in Futures Home Assistance Program
Seller agrees to pay Future Home Assistance program a service fee of $500 plus an amount equal to the gift if the sales price is under $125,000.00 or $750 plus an amount equal to the gift if the sale price is over $125,000. of the property described in the attached Purchase Agreement. Said fee is to be paid at closing. This fee is earned by FHAP for the assistance rendered to the Seller in identifying, prequalifying and educating the general public about affordable housing opportunities."
I was talking with one of my co-workers and she said that was the way she purchased her house.
Any additional comments are welcome!
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