How It Works.
- You speak with Hero Mortgage Group about your financing options.
- At your request, we can introduce you to participating real estate professionals.
- You choose whether you want to work with one of those agents or select an agent of your own.
- If the selected agent offers a buyer credit and your transaction qualifies, the agent provides the credit from their own compensation.
- The credit is disclosed and applied at closing, subject to approval by the agent’s brokerage, lender, loan program and closing provider.
The amount and availability of the credit vary by agent and transaction.
What Can the Credit Be Used For?
When permitted, the credit may be applied toward eligible expenses such as:
- Loan closing costs
- Title and settlement charges
- Prepaid expenses
- Initial escrow deposits
- Discount points or an interest-rate buydown
- Other costs permitted by the mortgage program and closing provider
The credit generally cannot exceed the borrower’s actual permitted closing costs and prepaid expenses.
Any unused amount may be reduced or forfeited and is generally not available as cash back to the buyer.
Do I Have to Use a Participating Agent?
No.
You are always free to choose your own real estate agent, lender, title company and other service providers.
Using a participating agent is not required to apply for a mortgage through Hero Mortgage Group, and it does not affect your interest rate, loan approval or access to other available mortgage programs.
The Realtor Closing-Cost Credit is offered independently by the participating real estate agent and their brokerage.
Is This the Same as Homes for Heroes?
Some participating agents may be affiliated with Homes for Heroes or another independently operated hero-benefit program. Other agents may offer a similar commission credit through their own brokerage.
Program names, eligibility requirements, credit amounts and terms can vary.
Hero Mortgage Group does not represent that every participating agent is affiliated with Homes for Heroes and does not administer benefits offered by an independent real estate program.
When a specific third-party program applies, its eligibility and participation requirements will control.
How Much Could I Receive?
The amount depends on factors including:
- The participating agent’s program
- The agent’s brokerage approval
- The purchase price
- The commission actually received
- The buyer-representation agreement
- The amount of eligible closing costs
- The selected mortgage program
- State law and local requirements
- Seller and transaction terms
A personalized estimate must be completed before a specific credit amount can be confirmed.
Important Disclosure.
The Realtor Closing-Cost Credit is offered by participating real estate agents from their own compensation and is not funded by Hero Mortgage Group.
Credit availability and amount are not guaranteed and may vary by agent, brokerage, state, purchase price and transaction. The credit must be disclosed and approved by the agent’s brokerage, mortgage lender, loan program, title or settlement provider and any other applicable parties.
The credit may not exceed applicable commission, interested-party contribution, closing-cost or loan-program limits. It cannot be used to satisfy a required minimum borrower contribution unless specifically permitted by the applicable loan program.
The credit has no cash value and cannot result in impermissible cash back to the borrower. Any unused portion may be reduced or forfeited.
Consumers are free to select any real estate agent, mortgage professional, title company or settlement-service provider. Using a participating real estate agent is not required to obtain mortgage financing through Hero Mortgage Group and does not affect the availability or terms of the borrower’s mortgage.
Hero Mortgage Group does not pay or receive compensation for the referral of settlement-service business.
All financing is subject to application, documentation, underwriting and final approval. Program availability and terms are subject to change.