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.
(b) The Lender must sell the Mortgage Loan to the Master Servicer. Any Mortgage Loan not sold to the Master Servicer (regardless of reason, including Master Servicer or Security Purchaser rejection of the Mortgage Loan or related documentation) will result in repayment of the amount of down payment assistance to the order of the Authorities by the Lender within 5 days of such failure to sell the Mortgage Loan.
(c) At least 3 business days prior to the closing of the Mortgage Loan, the Lender will provide, or require the title company for that Mortgage Loan to provide, the following information to the Authorities or their designee or assignee:
1) Borrower Name;
2) Property Address and Purchase Price;
3) Amount of Mortgage Loan;
4) Title Company Name and Address;
5) Wire Instructions; and
6) The amount of down payment assistance required for the Mortgage Loan, calculated at a percentage (set by the Authorities) of the Mortgage Loan selected by the borrower.
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 are not repayable by the borrower.
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
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. 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 are not repayable by the borrower. 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 Corporation shall provide down payment assistance in an amount equal to 5.00% of the principal amount of the mortgage loan to eligible borrowers in accordance with the terms of the Administrator’s Guidelines. Such down payment assistance shall be applied to a down payment on the mortgage loan and/or to closing costs. Down payment assistance is a grant and is not repayable by the borrower.
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.
Down Payment Assistance. The CHA shall pay each tenant who purchases a replacement dwelling the amount of the amount described in the first paragraph of (A) above but in a lump sum to be used as down payment assistance.
Down Payment Assistance. The Lender, on behalf of the Division, shall advance down payment and closing cost assistance at Mortgage Loan closing in an amount of up to 5.00% of the principal amount of the Mortgage Loan (the “ DPA”) to eligible borrowers in accordance with the terms of the Program Administrator’s Guidelines. Such DPA shall be applied solely to a down payment on the Mortgage Loan and/or to closing costs. Eligible Mortgage Loans reserved and closed under the Program must be submitted by the Lender for purchase on behalf of the Division by the Servicer pursuant to the terms of the Program. The Servicer on behalf of the Division shall reimburse the Lender for the DPA advanced with respect to a Mortgage Loan upon its purchase from the Lender by the Servicer, and the Division in turn shall directly reimburse the Servicer for the DPA. The DPA is in the form of a 0% interest, 3-year forgivable second mortgage, equal to the applicable percentage of the note amount (based on the assistance selected) to apply toward down payment and/or closing costs. Assistance is forgiven over a three year period (principal forgiven monthly).a true grant/gift and is not repayable by the borrower. A DPA acknowledgement form or gift letter must be executed by the borrower.
Down Payment Assistance. The Corporation may provide DPA Amounts under the Programs in the form of a grant or a subordinate loan or other financing arrangement. Initially, the Corporation will fund a DPA Amount in the form of a grant. The Corporation may in its discretion determine to fund all or a portion of the DPA Amounts by subordinate loans or other financing arrangement, provided that the Servicer is given reasonable advance notice of such change. The Corporation shall establish the DPA Amounts and is under no obligation to provide any DPA Amount. Under the Programs, the DPA Amount shall be initially funded by the Lender. The Lender, upon the sale of a Mortgage Loan to the Servicer, shall be reimbursed for the DPA (i) at the same time as the payment of the Mortgage Loan Sale Price (and such reimbursement may be included in the Mortgage Loan Sale Price) or (ii) through an alternate payment process agreed to by the Corporation and the Servicer. The Servicer shall be reimbursed by the Corporation or the Trustee, as applicable, for the DPA Amount (i) at the same time as the payment of the MBS Certificate Sale Price (and may be included in the MBS Certificate Sale Price) or (ii) through an alternate payment process agreed to by the Corporation and the Servicer. The Corporation may in its discretion determine to terminate the process for funding DPA Amounts described in the preceding paragraph, and instead (i) fund the DPA Amount directly or (ii) reimburse the Lender directly for its advancement of the DPA Amount; provided that in either case the Corporation shall provide reasonable advance notice to the Servicer.
