FAQ

1. Is the buyer required to attend homeownership classes?

   • NO​

2. Can the buyer use DPA?

   • Yes, and it MUST be disclosed

3. Can the buyer use FHA Financing?

   • Yes. The property will qualify for FHA, Conventional, VA, and Cash

4. Will the buyer receive a warranty? 

   • Yes. The builder will provide a 10-year foundation and 1-year workmanship at closing​

5. Who is the builder?

   • KW New Vision Properties and Land

6. Can I submit an offer over the list price?​

   • Yes, but it will not help you. The DHA set a cap on the sale price. It is already priced correctly.

7. Can I submit an offer before completion?​

   • Yes, but my builder would prefer to entertain offers at 75% completion​

8. Can the buyer use their lender?​

   • Yes. Your lender must be cognizant of the DHA -Landbank Program and registered with The City of Dallas.

9. Can you explain the program to our loan officer?​

   • No. If your loan officer is not registered with the City of Dallas and does not understand the program, then I highly recommend using our preferred lender.​

10. Can you explain the program to me? ​

    • I recommend your lender explain it and watch the video on our site.​

11. Do I write the offer on a 1-4 Resale?​

    • No. Please direct your question to your Broker.​

12. How do I submit an offer?​

    • Use the New Construction contract​

    • Send the third-party finance addendum  (if applicable)

    • Send the lender approval letter  

    • DO NOT send us the buyer's tax return and bank statements

13. What happens after I submit an offer?​

    • We will confirm receipt​

    • Your offer summary will be added to a multiple offer spreadsheet 

    • The seller will select an offer to perform the due diligence

    • We will contact your lender to confirm the buyer's annual gross income and receipt of the 2 month bank statements and tax returns. The lender is given 24hours to respond to missed calls.

14. Whom do ​I send the buyer's bank statements and tax return?

    • If your offer is accepted, you will receive a "congratulations" email which will provide the details

15. Can an investor purchase the property?​

    • NO. ​​

16. Can you send me the SD (seller's disclosure)?​

    • No. This property is "exempt".​

17. Why does my buyer have to qualify with the City?

    • The real property is a product of the City of Dallas Landbank Program, therefore the buyer must meet income requirements to purchase the home.​

18. What are the requirements?​

    • It is based on three variables: household size, annual gross income, and the properties AMI.​

19. Who is your preferred lender?​

    • Gold Financial Services - Makada Martin - makada.martin@goldfinancial.com ​

20. Is the BAC negotiable?​

    • NO. ​

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