The Hero Homebuyer Credit is not a loan and is never repaid. It is applied at closing toward eligible closing costs and cannot exceed the actual closing costs. It is not paid in cash and cannot be used toward the down payment.

Using the Hero Homebuyer Credit does not change the interest rate or pricing Encompass Lending Group, LP would offer you for the same loan. The credit is applied separately toward eligible closing costs at closing and does not alter your loan’s interest rate or pricing.

Only one borrower needs to work in an eligible profession to use the Hero Homebuyer Credit. The credit is available to current employees, volunteers, and former employees in eligible professions.

You do not have to be a first-time homebuyer to use the Hero Homebuyer Credit. The credit is available for the purchase of a primary residence, second home, investment property, or residential property with up to four units, subject to applicable loan and program guidelines.

There are no income restrictions for the Hero Homebuyer Credit. As long as you qualify for financing and at least one borrower meets the profession eligibility requirements, you qualify for the credit.

The Hero Homebuyer Credit will be applied toward eligible closing costs, including escrow fees, title fees, lender fees, underwriting, processing, notary, funding, loan document fees, and recording fees. The credit cannot exceed the actual closing costs.