LIFT Program FAQs
‘Remaining liquid assets’ are defined as your available funds in bank accounts such as checking, savings or money market accounts that are readily accessible without withdrawal restrictions or penalties after you have met any out-of-pocket settlement requirements from your own funds.
Liquid assets do not include Retirement Accounts (such as 401(k), IRA or pension accounts), Investment Accounts (such as stock, bond or mutual funds), Certificates of Deposit (CDs), Business Checking or Savings Accounts.
Liquid asset determinations and contribution requirement estimates are made at the time of your Eligibility Determination Session. Liquid asset funds that are subsequently transferred to restricted accounts after your Eligibility Determination Session will not be excluded from contribution calculation requirements.
Yes, if you currently own a home but will be selling it prior to closing on the NeighborhoodLIFT property, you can still be eligible for the program. At the time of closing you may not own any additional properties including investment properties.