Ally Home Grant Eligibility Disclosure
Ally Bank may provide the Ally Home Grant to eligible customers. Eligible customers must meet loan type, loan purpose, income, and geographic requirements in order to qualify for the Grant. Grant funds will be applied towards closing costs and/or down payment. In the event the Grant award exceeds the total amount of closing costs and/or down payment due at closing, no cash payment of Grant funds will be disbursed to you. No repayment of the Grant is required.
Important: Your receipt of funds from the Ally Home Grant, may, in some instances, be considered additional taxable income and may be reported on Form 1099-MISC for the tax year in which your loan closes and funds. Please consult your tax professional if you have any tax liability questions regarding these funds. For any other program related questions, please reach out to your Ally Powered by Better Loan Consultant. If approved, Grant funds from Ally Bank will be provided at the time your loan is closed and will appear in Section L of your Closing Disclosure as Ally Home Grant in an amount of $5000.
Notification of eligibility for the Grant is not a Final Underwriting decision for your loan application, does not guarantee approval of your loan and is not a promise to lend. Determination of eligibility for the Grant is conditioned upon meeting all eligibility requirements which may include income, loan purpose, loan type, and location of the purchased property. If we determine prior to closing that you are no longer eligible for this Grant, we will let you know.
Deposit and mortgage products are offered by Ally Bank, Member FDIC; Equal Housing Lender
, NMLS ID 181005