Realtor Offer Worksheet
Buyers and their Agent should complete this worksheet prior to writing a Purchase-Sale Agreement.
This house was funded by the Federal Home Investment Partnership Program (HOME) which is administered by Idaho Housing and Finance Association (IHFA).
Gap: purchase costs minus total Buyer's contribution = F-C ****
* For this program, the Buyer is required to use an IHFA approved lender, this includes USDA-RD and VA loan products. HOME Program rules require a Buyer to qualify for, and accept, the maximum loan from their primary lender, before HOME assistance is calculated.
** B1 + B2 must be equal or greater than $500. Additional program requirements will apply. Contact MAHT for more info.
*** Buyer's assistance can include Buyer's closing costs, as part of the gap financing.
**** Gap (G) is required and must be equal or greater than $1000. Max HOME assistance = 10% of final sales price of $15,000, whichever is less.
Making an Offer to Purchase a MAHT house
Buyers should find a Real Estate agent of their choice. Prior to making an offer buyers and agents are strongly encouraged to arrange a meeting with MAHT and our agent, Debbie Spurgeon at Team Idaho Real Estate.
The following will also be helpful:
This agreement will be required as part of accepting a Purchase and Sale agreement from a prospective buyer
Your lender must give you a "pre-qualification" letter and a letter stating that your gross household income and liquid assets meet the program limits.
Lender print this on letterhead or create a reasonable facsimile
IMPORTANT: Because this is a Federal low income assistance program, there are buyer's rights and responsibilities that go along with the funds. It is very important that buyer understand these. We recommend that you arrange a meeting between the Buyer, yourself, the Seller and the Seller's agent. You might want to include the lending officer.
When you submit a purchase offer, the following additional documents (linked here) are required by the Seller and MUST accompany the offer:
(1) Signed Buyer Agreement stating buyer understands the program requirements.
(2) Lender Income and Asset Statement
(3) Pre-qualification letter from Lender stating maximum 1st loan amount
Request the funds in line G (above) on Purchase Sale Agreement as a 2nd Loan, 0% interest, <blank> term, Fixed rate.
Contingency language: The Purchase-Sale Agreement must contain specific language. Please contact Seller's agent for details.