Down Payment Assistance. (a) The Authorities shall provide down payment assistance in varying amounts (as set forth in the Notices to the Lenders and on the Daily Rate Sheet of the 2012 Program) as a percentage of the principal amount of the Mortgage Loan to Eligible Borrowers in accordance with the terms of the eHousing Guidelines. Such down payment assistance shall be applied to, at the Mortgagor’s choice, origination fees, a down payment on the mortgage loan and/or closing costs. The Authorities shall be reimbursed for down payment assistance forwarded to Eligible Borrowers upon the purchase of the Mortgage Loan by the Master Servicer pursuant to the terms of the 2012 Program. Down payment assistance is a grant and is not directly repayable by the borrower of the Mortgage Loan; rather the interest rate on the Mortgage Loan has been increased to provide the funds for such down payment assistance.
Down Payment Assistance. In connection with the Program, each Mortgagor will be provided a down payment assistance grant equal to four percent (4%) or five percent (5%) of the original principal amount of the Mortgagor’s Mortgage Loan (the “DPA Grant”) depending on the mortgage rate chosen. The DPA Grant is being provided by the Authority, as evidenced by the Gift Letter and other requirements established in HUD Mortgagee Letter 2013-14. As a convenience and in accordance with the requirements established in HUD Mortgagee Letter 2013-14, the Lender will fund each DPA Grant at the time of closing of each Mortgage Loan. The Servicer will reimburse the Lender for the DPA Grant at the time of the sale of the mortgage loan to the Servicer. The DPA Grant is not a loan and is not repayable by a Mortgagor. In the event the Servicer does not receive a Mortgage Loan from the Lender for which the Lender has provided a DPA Grant or does not purchase a Mortgage Loan from the Lender for any reason (a “Nonconforming Mortgage Loan”), including but not limited to, the Lender’s failure to follow the Administrator’s Guidelines or a breach by the Lender of its Participating Lender Agreement with the Servicer, the Lender acknowledges that it may not receive reimbursement of the DPA Grant.
Down Payment Assistance. The City or its agent shall directly, or shall cause the Lender to, provide a down payment assistance to the mortgagor at Mortgage Loan closing (the “Assistance”) to eligible borrowers. Such Assistance shall be applied to the down payment on a Mortgage Loan and/or to closing costs. As described in the Administrator’s Guidelines and the Program Administration Agreement, the Assistance is initially repayable as a second mortgage loan, which over time such portions of the loan are forgiven such that portions of the Assistance may not repayable by the borrower. To the extent the Assistance is advanced by the City on Mortgage Loans, or the City causes the Lender to advance Assistance on Mortgage Loans on behalf of the City, that do not close, are non-eligible to be pooled for any reason, are not purchased by the Master Servicer for any reason or are to be repurchased by the Lender prior to being pooled into a Certificate for any reason, the Lender hereby agrees to reimburse the City with respect to any such Assistance so advanced by the City.
Down Payment Assistance. The Lender, on behalf of the Authorities, effective for all Mortgage Loans closed on and after July 1, 2014, shall advance down payment assistance at Mortgage Loan closing in an amount equal to 5.00% of the principal amount of the Mortgage Loan (the “DPA Grant”) to eligible borrowers in accordance with the terms of the Administrator’s Guidelines; provided, however, that the DPA Grant shall equal 6.00% of the principal amount of the Mortgage Loan (subject to subsequent change by the Authorities) with respect to borrowers who are Qualified Veterans and Military Personnel as set forth in the Administrator’s Guidelines. Such DPA Grant shall be applied to a down payment on the Mortgage Loan and/or to closing costs. Eligible Mortgage Loans shall be purchased on behalf of the Authorities by U.S. Bank National Association, as Master Servicer, pursuant to the terms of the Program. The Master Servicer on behalf of the Authorities shall reimburse the Lender for the DPA Grant advanced with respect to a Mortgage Loan upon its purchase from the Lender by the Master Servicer, and the Authorities in turn shall directly reimburse the Master
Down Payment Assistance. On the Effective Date, the Company will pay you $134,615 as assistance for a down payment on the purchase of a home in New York and to defray other miscellaneous and incidental expenses you may incur while relocating.
Down Payment Assistance. The Corporation or its agent shall directly provide a forgivable second mortgage loan at Mortgage Loan closing, currently in an amount equal to 4.00%, 5.00% or 6.00% of the original principal amount of the Mortgage Loan (the “DPA Loan”) to eligible borrowers. Such DPA Loan shall be applied to the down payment on a Mortgage Loan and/or to closing costs. The DPA Loan is a 10-year, forgivable loan. The DPA Loan becomes due and payable if the borrower sells, transfers or disposes of the property, if the borrower fails or ceases to occupy the property as the borrower’s primary residence, if borrower refinances or satisfies the first mortgage loan, or if the first mortgage loan becomes due and payable in full for any reason. Upon the occurrence of any of the actions described in this paragraph the repayment shall be equal to: Time Elapsed Percent of Loan Due From signature date to first anniversary 100% From first anniversary to second anniversary 90% From second anniversary to third anniversary 80% From third anniversary to fourth anniversary 70% From fourth anniversary to fifth anniversary 60% From fifth anniversary to sixth anniversary 50% From sixth anniversary to seventh anniversary 40% From seventh anniversary to eighth anniversary 30% From eighth anniversary to ninth anniversary 20% From ninth anniversary to tenth anniversary 10% After tenth anniversary 0% To the extent the DPA Loan is advanced by the Corporation on Mortgage Loans that do not close, are not purchased by the Master Servicer or are to be repurchased by the Lender prior to being pooled into a GNMA Certificate, the Lender hereby agrees to reimburse the Corporation with respect to such DPA Loan so advanced.
Down Payment Assistance. Prior to the initial Closing of each WHIP Unit, XXX agrees to contribute a sum equal to five (5%) percent of the purchase price of the Workforce home, not to exceed $20,000 to the City’s Down Payment Assistance Program Fund (“DPA Funds”). The parties agree that once paid, this contribution by ARD constitutes compliance with ARD’s down payment assistance obligations under Exhibit G of the Development Agreement. ARD may alternatively make a lump-sum contribution to City for all covered WHIP Units to satisfy ARD’s down payment assistance obligations under Exhibit G of the Development Agreement. The City agrees to utilize said DPA Funds to assist the buyer of such WHIP unit with the purchase of that WHIP unit, including but not limited to, contributing said funds to buyer’s down payment as a loan consistent with the City's DPA program. ARD acknowledges that the DPA Funds will be subject to an interest-bearing promissory note, secured by a deed of trust in favor of the City and when said DPA Funds are recouped by the City, in keeping with the terms of the Development Agreement, City will utilize these recouped DPA Funds to assist any income qualifying household who purchases a home in Xxxxx Ranch. Notwithstanding the foregoing, City may utilize said recouped DPA Funds in City’s discretion in conjunction with affordable housing assistance throughout the City of San Xxxx Obispo.
Down Payment Assistance. The Down Payment Assistance Program is designed to help low- and moderate-income households achieve the goal of homeownership. Funds provided to title company and secured by mortgage and mortgage note.
Down Payment Assistance. If down payment or closing cost assistance is authorized by a Program Addendum, such assistance shall be applied toward down payment or closing costs in accordance with the terms of the Program Addendum. Lenders shall be reimbursed for and down payment or closing cost assistance advanced to a Borrowers upon the purchase of the mortgage loans by the Authority or a master servicer designated in the applicable Program Addendum
Down Payment Assistance. (i) The Authority may, in its sole discretion, make funds available to provide a DPA Grant for each Mortgage Loan made under the Program. Such Down Payment Assistance shall be in the amount specified in the Program Guidelines and shall be initially four percent (4%) of the initial principal amount of a Mortgage Loan. Such DPA Grant shall be directly provided to the Mortgagor at Closing by the Authority. A DPA Grant may be used only as described in paragraph (ii) below.
