Common use of Down Payment Assistance Grant Clause in Contracts

Down Payment Assistance Grant. 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 4.00% of the principal amount of the Mortgage Loan (the “DPA Grant”) to eligible borrowers in accordance with the terms of the Program Administrator’s Guidelines. Such DPA Grant 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 Grant 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 Grant. The DPA Grant is a true grant/gift and is not repayable by the borrower. A DPA Grant acknowledgement form or gift letter must be executed by the borrower.

Down Payment Assistance Grant. The Lender, on behalf of the Division, shall advance down payment and closing cost assistance at Mortgage Loan closing in an amount of equal to up to 4.00% of the principal amount of the Mortgage Loan (the “DPA Grant”) to eligible borrowers in accordance with the terms of the Program Administrator’s Guidelines. Such DPA Grant 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 Grant 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 Grant. The DPA Grant is a true grant/gift and is not repayable by the borrower. A DPA Grant acknowledgement form or gift letter must be executed by the borrower.

Down Payment Assistance Grant. 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 4.00% of the principal amount of the Mortgage Loan (the “DPA Grant”) to eligible borrowers in accordance with the terms of the Program Administrator’s Guidelines. Such DPA Grant 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 Grant 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 Grant. The DPA Grant is a true grant/gift and is not repayable by the borrower. A DPA Grant Xxxxx acknowledgement form or gift letter must be executed by the borrower.