Any borrower who has been approved for a mortgage with an approved loan REFAP affiliate is eligible for assistance from REFAP.

REFAP works with any Lending Institution's Guidelines, FHA/VA included. The Mortgage Broker/Loan Officer must be an approved affiliate of REFAP. All parties involved in the transaction must be disclosed of our program. The Buyer must be approved prior to REFAP initiating any of their procedures and consultations.

REFAP works with Investors and Sponsors who provide funds to assist our clients.

Documentation your Lender/Loan Officer needs concerning any financial assistance provided to our client will be in a format that is within the compliance for underwriting guidelines and all Governing Bodies.

Yes. REFAP relies on a lender approval for the purchase transaction. As long as the lender is willing to approve the loan, it will meet our criteria.

Yes. REFAP works with any Loan Program, Financial Institution so long as your loan correspondent is an approved affiliate of REFAP.

No. The loan officer is required to provide REFAP with a copy of the borrowers loan approval.

REFAP assesses the financial situation with a buyer and determines which method is the best to provide the funds. We wish to insure that funds provided are in compliance, which is why every situation is case by case.

REFAP can get the documentation to the approved affiliate within 48 hours from submission, sometimes faster. Provided all parties are working as fast as they can to get it done.

Yes, but your options may be limited. In certain cases, most conventional lenders may require the seasoning of funds, but the buyer doesn't have to use these funds for the purchase. There are also a limited number of programs available that do not require seasoned funds.

In most cases of REFAP, all consultation services and financial obligations are complete. However, there are cases when the buyer will owe some type of compensation for REFAP's services. Any other responsibility will be disclosed during the buyer's Phase I consultation.

The loan officer is required to provide REFAP with a copy of the borrowers loan approval, gift letter for signing, appraisal. The buyer is required to give a copy of the their driver's license and a certificate of completion of the 8 Hour Homebuyer Education Course. The donor has to be over the age of 18, with a bank account in good standing and must provide a valid driver's license, for approval.

REFAP adheres to the guidelines of FHA and any Lending Institution, our mission is to provide any documentation required by our approved affiliates Lending Institution. If the REFAP affiliate has questions, ask the Lender to list the specific documents required to clear the financial conditions to close and REFAP will provide the documents they require.

Any financial assistance provided will be returned back to REFAP. There is no further obligation, and we do not charge a fee of any kind.

No!!!

No. In all cases, an appraisal is obtained by an independent appraiser, and an appraisal review is usually done by the lender to insure the value. It is important to remember however, that a key component to the use of the REFAP program sometimes is finding a home with some equity that the seller is willing to use to pay for our services or facilitate the transaction?

Once all of the forms are complete, your information is sent to REFAP immediately. You will be contacted by one of correspondents to set-up a consultation. Once you are in consultation you are well on your way to accomplishing your housing goals.