QUAD
CITIES REAL ESTATE WITH RE/MAX
SERVING
THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................
DAVENPORT - BETTENDORF
- ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES
TOM & CYNDEE
BROWNER - CRS,
ABR, GRI
BROKER ASSOCIATES
SERVING IOWA & ILLINOIS - 319-332-9900 EXT 225
Call us on our private
line at 570-7629 - RE/MAX
RIVER CITIES, or
Contact us at tom&cyndee@quadcitiesrealestate.com Have a real estate question?
The answer is just a phone call or E-mail away. Buying a home is
an important financial decision. WHEN YOUR MONEY MATTERS, be
careful and check out who you are dealing with. You deserve the
best information and service available. If you would like to know
what you should expect, check out our Buyer Representation section.
PIC PROGRAM
P I C stands for
Partners in Charity. Under this program in cooperation with other
programs, the buyer can get into a home with very little money.
About the amount of a decent apartment deposit.
- It is best if your
realtor takes you into an approved PIC lender. The
program is a little complecated, but the realtor and
lender will cooperate to make it easy on you.
- One of the
requirements of getting a grant is to take a home
ownership education course. These courses are approved by
PIC for homeownership counseling: Local HUD approved
courses, FNMA Guide to Homeownership, American Dream
Buyer's Club, Countrywide House America, State Affordable
Housing Counseling/Grant Program Education, FHA Homebuyer
Course or MI Companies: Radian, UGIC, PMI, RMIC, GE and
MGIC. Most take the Dream or FHA course, even a PIC
online course. Don't worry, we will get you set up. The
courses are basic and take just a little of your time.
Sure pays more than a job!
- PIC requires the
participation of the home owner. However, PIC can be used
on any home, condo, townhome or 1-4 units on FHA
programs. As long as the property meets the lender's
standards.
- Buyer pays
seller's asking price. (Home still must appraise for that
value).
- Seller donates
3.75% of asking price to a charity. Probably can take a
tax deduction for the donation. The charity must be a
501c (3) Non-Profit Organization. - If the property does
not close, there is no contribution demand on the seller.
- Purchaser must
fill out an application for grant, take course and allow
the lender to use PIC in association with other programs
to maximize the grant to the Purchaser
- Purchaser does not
need to be a first time buyer.
- Purchaser has no
income limitations.
- Purchaser can buy
any home they are qualified for with no ceiling on
purchase price, unless they go FHA, were the loan is
limited to $132,000
- Buyer will have to
sign the Gift Letter and Grant Application with the
lender.
NECESSARY DOCUMENTS
- Gift Letter and
Grant Application
- Certificate of
home owners Course Completion
- Seller
Participating Agreement
- Gift Funds Request
Form
- Copy of Estimated
Closing Cost
- Copy of Appraisal
- Copy of Purchase
and Sale Agreement
- Closing Office
Wiring Instructions.
ONLINE COURSE
http://www.partnersincharity.org
BUYER HELP PROGRAMS MENU - REAL ESTATE MAIN MENU