Down payment assistance definition

Down payment assistance or "assistance" means financial

Down payment assistance means a non‐repayable grant in an amount equal to a percentage of the original principal amount of each Mortgage Loan, as specified by TSAHC from time to time, to assist in the payment of an Eligible Borrower’s down payment and closing costs related to such Mortgage Loan or reduction in principal of such Mortgage Loan.

Down payment assistance or "assistance" means financial assistance for first-time homebuyers to acquire single-family housing for principal residence through the loan program.

Examples of Down payment assistance in a sentence

• Down payment assistance is used in conjunction with the Step Up Program only as a second mortgage.

• Down- payment assistance will be limited to an amount equal to 2% of the sales price of the home.

• Down payment assistance may be counted as a physical development resource if it is provided by a third-party entity not related to the homebuyer.

• NOTE: Down payment assistance and closing cost assistance may be provided to buyers of existing property in need of repair; however, the property must meet all State and local housing standards and code requirements PRIOR TO CLOSING.

• HOME activities implemented in FY2009, which adhere to the Consolidated Plan goals, were: • Multifamily development, including rehabilitation;• Down payment assistance through the HPAP program; and,• Single family rehabilitation.

More Definitions of Down payment assistance

Down payment assistance means the Transition Benefit offered as part of the Unit Purchase Assistance Option, described in Section VII.A (Down Payment Assistance).

Down payment assistance means financial assistance provided under the Project to low- to moderate-income households to assist the households in purchasing residential properties in locations outside of floodplains or Disaster Risk Reduction Areas.

Down payment assistance means grants or loans used to reduce the first mortgage amount to the borrower. “Federal instrumentality” means the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC),

Down payment assistance means monetary assistance for down payment closing costs, and pre-paid expenses directly related to the purchase of a home.

Down payment assistance means a loan made to a Mortgagor for down payment assistance in connection with the making of a Mortgage Loan, the payment of which is deferred until the related Mortgage Loan is satisfied.

Down payment assistance means additional financial assistance provided through Agency for down payment, closing costs and pre-paid expenses directly related to the purchase of a home through the Agency’s Homebuyer Program. Assistance can be in the form of a Grant or a Second Mortgage Loan, in accordance with the Term Sheet as applicable.

Down payment assistance means grants or loans used to reduce the first mortgage amount to the borrower.