FAQs • My client would like to get their earnest money depos

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My client would like to get their earnest money deposit back at closing. Is this allowed?: No - the buyer may not receive any cash out at closing. The approved loan amount will be reduced in order to avoid cash out.

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Health & Human Services - DPCC Lenders Settlement

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1. How soon can we go to settlement after approval?: If all required documentation has been received from the applicant, lender, and the title company, settlement can occur within about 15 business days. This is primarily because a minimum of 10 business days is required in order for the county to process a check in time for settlement.

2. My client would like to get their earnest money deposit back at closing. Is this allowed?: No - the buyer may not receive any cash out at closing. The approved loan amount will be reduced in order to avoid cash out.

3. My client is purchasing a condo with mandatory country club membership and fees. Can they use DPCC funds to finance these expenses?: No - costs related to country club memberships are not permitted use of county funds and must be paid at settlement. Details of limits to common closing costs are in the Program Information document for lenders. All fees are subject to Loan Committee final approval.

4. What if the buyer wants to refinance in the future? Will the county subordinate?: Refinances will be considered if there is no cash out in the transaction. The county will not approve subordinations for Home Equity loans or a Home Equity Line of Credit. In these cases (or in the case of default), the remaining DPCC balance must be paid in full.