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Responsible Home Ownership, Inc. is a for profit corporation that arranges down payment assistance through various 501(C) (3) charitable organizations including but not limited to Churches and Religious Organizations.

Using the Responsible Home Ownership Program provides the ultimate source of Down Payment Assistance for Residential, Multi Family, non Government, Commercial and Industrial Loan Products.  
 

Please consult your own underwriting guidelines regarding the use of this program.

The Responsible Home Ownership Program

A Qualified Residential Buyer

The RESPONSIBLE HOME OWNERSHIP PROGRAM provides Grants in the form of Gift Funds from an approved Charity,  for down payment and closing costs to Qualified Buyers purchasing Participating Properties.

ELIGIBLE LOAN PROGRAMS  Buyers must qualify for an Eligible Loan Program.  An Eligible Loan Program is a mortgage loan product that allows a Charity to provide Gift Funds toward a buyer's down payment and closing costs. The Responsible Home Ownership Program is NOT LIMITED to owner occupied single family loans. We encourage the use of this Program for non government insured loans, for multi family and commercial loan products.

GIFT FUNDS  Funds provided to buyers by Charities are a Gift.  The Not for Profit Entity does not record a lien against the home and there is NO expectation of repayment! Neither RHO or the Non Profit underwrites loans.

FINAL SALES PRICE The Final Sales Price under the Responsible Home Ownership Program is the Final Contract Price for a Participating Home.

PARTICIPATING PROPERTY  A Participating Property is a Property owned by a Seller who has entered into a Participating Home Agreement.
Service Fee

SERVICE FEE A Service Fee is charged under the Responsible Home Ownership Program to the Seller of a Participating Property and is paid at close of Escrow, only if the home is sold under the Responsible Home Ownership Program and to a Buyer receiving grant assistance from an approved Charity.  At no time is this fee to be construed as any form of real estate commission. The Service Fee is earned for efforts to educate, publish and prepare documents, advertising and internet interphase. The Service Fee is a fee for services and may be treated for income tax reporting purposes by the Seller as a cost of the sale of the property, not a charitable deduction.

At this time, we Do Not recommend the use of this program for FHA Loans but, we don't underwrite or approve your lending guidelines. If you're loan allows RHO gift funds, we will provide the gift.

Click here for more information on the future use of Gift Funds for (FHA) Government Insured Loans.

A Qualified Residential Buyer is a Buyer that is a low-income individual who has the employment history and financial history necessary to qualify for a mortgage, and would so qualify but for the lack of a down payment. All assistance is for housing in the United States. No funds are provided for offshore interests. In addition, the Buyer must meet the following criteria:

(1) Be Credit Approved for a Qualifying Loan Program.  

(2) Read our "Online" Home Ownership Counseling Course. (3) Purchase a Participating Home.

Commercial Loan Buyers are exempt from these requirements.

HOME OWNERSHIP COUNSELING  Every prospective residential recipient of a Grant of Gift Funds should successfully complete an approved Home Ownership Counseling Course. Our "Online" course is easy and consists of reading 5 pages. On the last page, an online form is submitted by the home buyer. It's simple and informative. A 15 page printable version in Adobe Acrobat is available.(click here)  For access"Online"        

The Real Estate Agent submits a completed, original Participating Home Application Form signed by all Sellers on title to Closing Agents along with a copy of the Purchase and Sale agreement signed by the Parties.

 

 

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Copyright The Responsible Home Ownership Program 1997-2008