Can the homebuyer receive cash back at closing?
A homebuyer can receive up to $250 cash back at loan closing. Any cash back received by the homebuyer will be deducted from their equity contribution total in determining whether the $750 contribution has been met. Example: If a homebuyer receives $250 cash back at closing, their initial equity contribution must be at least $1,000 in order to meet the $750 homebuyer equity requirement. If the $750 equity requirement has not been met, the grant will not be reimbursed.
