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Eligible Benefit
| FHA & VA Buyers |
| Purchase Price |
Eligible Costs |
Amount |
| $200-250k |
2% of sales price |
$4,000-$5,000 |
| $251-300k |
2% of sales price |
$5,000-$6,000 |
| $301-700k |
2% of sales price |
$6,000-$14,000 |
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| Conventional Buyers |
| Purchase Price |
Eligible Costs |
Amount |
| $200-$700k |
1.25% of sales price |
$2500-$8750 |
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Example 1 (VA Buyer)
| Purchase Price |
$300,000 |
| Down payment required |
None |
| Closing Costs Estimate |
$7,500 |
| HBA Benefit 2% |
-$6,000 |
| Buyer Funds Required |
$1,500 |
In this example the Buyer only needs $1500 to close instead of $7500.
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Example 2 (FHA Buyer)
| Purchase Price |
$400,000 |
| 3.5% Down payment required |
$14,000 |
| Closing Costs Estimate |
$8,500 |
| HBA Benefit 2% |
-$8,000 |
| Buyer Funds Required |
$14,500 |
In this example the Buyer only needs $14,500 to close instead of $22,500.
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Example 3 (Conventional Buyer)
| Purchase Price |
$350,000 |
| 20% Down payment required |
$70,000 |
| Closing Costs Estimate |
$7,500 |
| HBA Benefit 1.25% |
-$4,375 |
| Buyer Funds Required |
$74,000 |
In this example the Buyer only needs $73,125 to close instead of $77,500.
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