Down Payment Assistance Loans Sample Clauses

Down Payment Assistance Loans. In connection with Mortgage Loans only, Participant agrees to underwrite and process Down Payment Assistance Loans, and to provide notice, as required in the Down Payment Assistance Loan Guidelines, to the Agency of amounts required from time to time to close and fund such Down Payment Assistance Loans.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Down Payment Assistance Loans. The Lender, on behalf of the Authority, shall provide down payment and/or closing cost assistance (the “DPA Loan”) at Mortgage Loan closing in an amount equal to the approved percentage of the principal amount of the Mortgage Loan to eligible borrowers in accordance with the terms of the Administrator’s Guidelines. DPA Loans shall be made by the Authority in accordance with the terms and provisions provided in the Administrator’s Guidelines. Such DPA Loans shall be applied solely to a down payment on the Mortgage Loan and/or to closing costs. The Lender shall be reimbursed for such DPA Loan amounts advanced to eligible borrowers upon purchase of the related Mortgage Loan by U.S. Bank National Association, as servicer (the “Servicer”), pursuant to the terms of the Program. Eligible Mortgage Loans reserved and closed under the Program must be submitted for purchase on behalf of the Authority by the Servicer. The DPA Loans will be made to Borrower as described in the most current Program guidelines. Under the Program, the Authority may also offer options for first mortgage financing with no down payment assistance, to which the same Administrator’s Guidelines apply.
Sample 1Sample 2See All (4)
Down Payment Assistance Loans. Moneys held in the Program Fund may be applied to make Down Payment Assistance Family Loans to individuals to finance in part the acquisition or acquisition and rehabilitation of single family residential units that constitute Eligible Housing Units and Residential Housing (“Down Payment Assistance Loans”). The Housing Corporation shall exercise its best efforts, for a period of six months following the issuance of each series of Bonds, to cause the following percentages of Bond proceeds targeted for Individual Loans to be applied to make loans to persons and households with the following Relevant Percentages: Percentage of Bond Proceeds Targeted For Down Payment Assistance Loans Relevant Percentage of AMI 20% 60% 30 80 50 120 Down Payment Assistance Loans shall be subordinated in lien and right of payment to the repayment of other loans to finance or refinance the single family residential unit, provided such other loans are made by lenders that are not Affiliates of the individual. The obligation to repay Down Payment Assistance Loans shall be evidenced by a promissory note, in a form acceptable to the Program Administrator, and shall be secured by a deed to secure debt, in a form acceptable to the Program Administrator. The interest rate on each Down Payment Assistance Loan shall be 0%. Each homeowner of a single family residential unit financed by a Down Payment Assistance Loan (1) must successfully complete a homeownership training course prior to obtaining such Down Payment Assistance Loan and (2) must contribute $1,500 of his or her own funds toward the purchase price of the residence or the related closing costs. The total amount of each Down Payment Assistance Loan may not exceed twenty percent (20%) of the total purchase price of the single family residential unit financed by such Down Payment Assistance Loan. No Down Payment Assistance Loan may be made or unconditionally committed to be made unless the homeowner shall have obtained through a firm commitment secure funding sources for the balance of the total costs of the single family residential unit, but nothing in this sentence shall preclude the Housing Corporation from making conditional commitments for Down Payment Assistance Loans.
Sample 1

Related to Down Payment Assistance Loans

  • Rental Assistance Payment The rent due each month to the Owner under the Lease is identified in Exhibit A (the “Contract Rent”). The Owner shall not increase the Contract Rent during the term of this Contract. Owner/Representative Initials: The Program Administrator will provide a one time “Rental Assistance Payment” in the amount identified in Exhibit A to the Owner on behalf of the Tenant. The Rental Assistance Payment will be credited against the Contract Rent otherwise due under the Lease. The Tenant is responsible to the Owner for the “Tenant Contribution” identified in Exhibit A and any additional amounts due under the Lease not covered by the Rental Assistance Payment. Neither the Program Administrator nor the PJ assumes any obligation for the Tenant Contribution due monthly to the Owner, or the payment of any claim by the Owner against the Tenant. The Program Administrator's Rental Assistance Payment obligation is limited to making payment in the amount identified in Exhibit A on behalf of the Tenant to the Owner in accordance with this Contract.

  • Rental Assistance Payments and Overpayment The right of the Owner to receive payments under this Contract shall be subject to compliance with this Contract’s provisions. The Owner agrees that, absent written notice to the Program Administrator and return of the Rental Assistance Payment, acceptance of the Rental Assistance Payment shall be conclusive evidence that the Owner received the full amount due. Throughout the term of this Contract, Owner agrees to waive any late fees associated with the Rental Assistance Payment, provided that such payment is issued by the Program Administrator by the agreed upon date. Owner/Representative Initials: If the Program Administrator determines that the Owner was not entitled to any payments received, in addition to other remedies, the Program Administrator may require Owner to refund any overpayment to the Program Administrator.

  • Conditions to Financial Assistance and its Disbursement The Grantor's obligations hereunder, including its obligation to make financial assistance available to the Recipient pursuant to the terms of this Agreement, are contingent upon compliance by the Recipient with the following conditions:

  • Loan Payments (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears.

  • Advance Payments Payments made by the Borrower to satisfy future installments must be accounted for as prepaid installments of principal and interest. The Servicer should contact the Borrower if there is a question about the Borrower's intention in making any unscheduled payment.

Time is Money Join Law Insider Premium to draft better contracts faster.