All tax amounts that are due and payable must be paid at closing. If taxes are due and the tax bill has not been released, the Settlement Statement must show monies held for later payment by the title company/closing attorney. Documentation must be included in the loan file when submitted for purchase.
Tax amounts that are due within thirty (30) days of the Purchase Date must be paid by the Seller with evidence of the tax payment provided to CBCMA.
This announcement affects the following sections in the Seller Guide:
6.12 | Real Estate Taxes Due the Following Month After Loan Purchase
All tax amounts that are due and payable at closing must be paid at closing. If taxes are due and the tax bill has not been released, the Settlement Statement must show monies held for later payment by the title company/closing attorney. Documentation must be included in the loan file when submitted for purchase.
Tax amounts that are due within thirty (30) days of the Purchase Date must be paid by the Seller with evidence of the tax payment provided to CBCMA.
All policy changes and updates are referenced below in the appropriate section of the Correspondent Seller Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning 12/15/2025, unless otherwise noted.
