I'm supposed to close on a Georgia Dream loan (a first-time homebuyer's program sponsored by the state Department of Community Affairs that requires a maximum out-of-pocket contribution from borrowers of $1000 for downpayment and closing) next Wednesday, and was required to take an online first-time homebuyer's education course online, which cost me $50. I'm very anxious about closing on my loan and I've been reading everything I can in anticipation of something going wrong at the last minute, and I saw that the DCA'S Georgia Dream Seller Guide (for lenders) is online and have been reading it. As I was reading, I found the following paragraph:
"Any fees paid for home buyer education must be paid to a third party provider and may not exceed $100.00. DCA will not pay this fee and will not be responsible for insuring the fees are paid to the provider. This fee is generally paid prior to closing and may be shown on the HUD-1. If paid by the Applicant, the fees can be counted towards meeting the Applicant’s Required Funds."
I looked over the fee schedule from my lender and didn't see that I was credited for that $50 anywhere like I was for my earnest money deposit and appraisal fee so I emailed her about it (not mentioning that I had read about it in the seller's guide, I just asked if I would be credited for the $50 for the course since it was required), and she said, "I don’t think that counts toward your funds to close." Does the above paragraph make it seem like I should be credited that $50 toward my $1000 required funds or is it more like it's at the lender's discretion? I mean, I don't want to piss my LO off over $50 because she has been wonderful, but since this is a restricted income program to begin with and I am the sole source of income for my family, you can imagine that $50 is not nothing.
