Down Payment Assistance Grant

Attention All Home Buyers Click on the bottom link to get more information on this Grant

Down Payment Assistance Grant

Eligibility: Applications for the Madera Association of REALTORS® (“M.A.R.”)

2017 Down Payment Assistance Grant are open to all first-time buyers working
with an M.A.R. Realtor® to purchase an owner occupied single family residence
within Madera, CA or Chowchilla, CA in zip codes 93636, 93637, 93638 or
93610 (“Eligible Property”), without a co-signer, using Conventional, FHA, VA,
or U.S.D.A. financing for a thirty (30) year mortgage (“Grant Applicant”). Firsttime
buyer means a Grant Applicant who has not owned a property in the last
three (3) years. Licensed agents, Realtors®
, lenders, employees, officers and
directors of M.A.R., its parent company, subsidiaries, affiliates, divisions,
agencies and exhibitors at M.A.R.’s 2016 Business Extravaganza and Home Expo
(“Home Expo.”), as well as the immediate family members of such persons
(defined as parent, child, sibling, spouse) are not eligible to apply. Grant
Applicant must be 18 years of age or older and a legal U.S. Resident.
How to Apply: Each Grant Applicant must submit a completed “Buyer Eligibility
Form” to M.A.R. by 07:29:59 p.m. PDT on June 16, 2016. Buyer Eligibility
Forms completed prior to June 16, 2016 can be submitted to M.A.R. in person at
or by mail to 411 North I Street, Suite B, Madera, CA 93637 (c/o Home Expo
Task Force), by fax to (559) 673-9050 or by email to Buyer Eligibility Forms can also be submitted inperson
during the Home Expo upon checking in at the M.A.R. booth located
outside between Hatfield Hall and Van Allen Hall at the Madera Fair Grounds.
Limit of one (1) Buyer Eligibility Form per person and per household. A given email
address and physical address may only be used by one (1) Grant Applicant.
Use of any artifice or method to violate these application restrictions will
disqualify all applications.
Drawing/Grant: After 7:30 p.m. PDT on June 16, 2016 during the Home Expo
there will be a drawing to select seven (7) Grant Applicants to be potential “Grant
Recipients”. The first three (3) potential Grant Recipients drawn will be given the
opportunity to receive a $5000 grant to be used towards the down payment or
closing costs for the purchase of an Eligible Property (“Gift Funds”). The last
four (4) potential Grant Applicants drawn will each be given the opportunity to
receive a $2500 grant to be used towards the down payment or closing costs for the
purchase of an Eligible Property. Odds of being selected are based on the total
number of Buyer Eligibility Forms received. Grant Applicants need not be present
at the drawing to be selected as potential Grant Recipients. M.A.R. will use
commercially reasonable efforts to contact Grant Applicants selected using contact
information provided by the Grant Applicants on their Buyer Eligibility Forms. If
a Grant Applicant is not reached within a reasonable period or for any reason is
determined by M.A.R. to be ineligible, his or her application will be disqualified
and an alternate Grant Applicant may be selected. M.A.R. reserves the right to
verify eligibility of potential Grant Applicants and compliance with pre-requisites
and requirements both before and after the drawing.
Post-Drawing Requirements: By June 30, 2016, each potential Grant Recipient
must submit to M.A.R. a lender pre-approval letter. A potential Grant Recipient
must continue being represented by an M.A.R. Realtor®
through the close of
escrow and must open escrow on an Eligible Property by October 16, 2016. In the
event escrow on an Eligible Property is cancelled for any reason prior to
October 16, 2016, Gift Funds will still be available for potential Grant Recipient
provided that he or she opens escrow on another Eligible Property by
October 16, 2016. If any potential Grant Recipient does not open escrow on an
Eligible Property by October 16, 2016, Gift Funds will no longer be available for
that potential Grant Recipient. By October 23, 2016, potential Grant Recipient
must provide M.A.R. with escrow verification and accurate wiring instructions.
Potential Grant Recipient must provide M.A.R. with a completed W-9 tax form.
After confirming all requisites are satisfied, M.A.R. will directly deposit Gift
Funds into potential Grant Recipient’s escrow account. Unless extended in writing
by M.A.R., all Gift Funds must be returned to M.A.R. if escrow does not close by
June 1, 2017. If escrow is cancelled for any reason, Potential Grant Recipient
must immediately return to M.A.R. all Gift Funds. Buyer may be required to
obtain mutual escrow instructions to comply with these deadlines. If potential
Grant Recipient does not meet a program requirement, M.A.R. may disqualify the
potential Grant Recipient and an alternate potential Grant Recipient will not be


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Real Estate: Riding the REIT Rebound

Something I read on Yahoo News. by Tara Kalwarski

It’s hard to believe that any asset class could top the 76% runup in equities since the stock market bottomed last March, but real estate investment trusts have done just that. Since Mar. 9, 2009, the S&P Global REIT Index has climbed 114%. In the U.S., the 14 REITs in the S&P 500 are up 140%. “A year and a half ago, people were saying that the REIT industry is going to disappear,” says Howard Roth, global leader of real estate at Ernst & Young. Now, even after posting such gains, the industry is in recovery mode, says Roth. He points out that most REIT markets around the world remain well below their peaks in 2007 or earlier. “With only a couple of exceptions and against all odds, REITs have survived and are on the way up,” according to an E&Y report that Roth co-authored. Although there may be speed bumps ahead — real estate fundamentals vary widely depending on market and property types — many REITs have full coffers they can use “as a cushion and as a war chest,” says Roth .

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