Down Payment Assistance Loan definition

Down Payment Assistance Loan or “Loan” means a Florida Home Ownership Assistance Program loan for which no interest is charged and which shall be limited to the lesser of 25 percent of the purchase price of the Home or the amount necessary to enable an Eligible Borrower to meet credit underwriting criteria. The loan shall not exceed 30 years or the term of the First Mortgage of principal is deferred until the expiration of the term of the First Mortgage, or in the event of sale, transfer, refinancing or failure to occupy the Home as the primary residence as outlined in Rule Chapter 67-25.014, F.A.C., in which case the Loan is due and payable in full at that time. The Down Payment Assistance Loan may be used for down payment and closing costs associated with the purchase of the Home financed with Single-Family Bond Program funds.

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Down Payment Assistance Loan means a loan to a borrower under the Florida Home Ownership Assistance Program's Down Payment Assistance Loan Program as more fully described in Rule Chapter 67-45, F.A.C.

Down Payment Assistance Loan or “Loan” means a Florida Homeownership Assistance for Moderate Income Program loan in the amount up to $5,000. The loan is amortized for a 10-year period with the interest rate to set between a minimum of 3 percent and a maximum interest rate of 5 percent, which shall be adjusted to be competitive with market rates. Repayment is due in the event of sale, transfer, refinancing or failure to occupy the Home as the primary residence without prior approval by the Corporation as outlined in Rule Chapter 67-25.014, F.A.C., in which case the Loan is due and payable in full at that time. The Down Payment Assistance Loan shall be used for down payment and closing costs associated with the purchase of the Home financed with Single-Family Bond Program funds.

Examples of Down Payment Assistance Loan in a sentence

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.
In the event that Participant originates a Mortgage Loan that also has a Down Payment Assistance Loan, and the Mortgage Loan cannot be purchased by Servicer or is required to be repurchased as provided herein, the Participant shall repurchase the Down Payment Assistance Loan at a price equal to the outstanding principal amount thereof, as further provided in the Agency’s Down Payment Assistance Loan Guidelines.
The homebuyer cannot have had an ownership interest in a property within three (3) years prior to the buyer’s application for a Down Payment Assistance Loan.
Participant shall underwrite and process Down Payment Assistance Loans, complying with the Agency’s Down Payment Assistance Loan Guidelines and shall provide notice of closing to the Agency pursuant to such Guidelines.
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.

More Definitions of Down Payment Assistance Loan

Down Payment Assistance Loan or "Loan" means a Florida Home Ownership Assistance Program loan in the amount of $2,500.00 for which no interest is charged and for which repayment of principal is deferred until the expiration of the term of the First Mortgage, or in the event of sale, transfer, refinancing or rental of the Home, in which case the Loan is due and payable in full at that time. The Down Payment Assistance Loan may be used for down payment and/or or closing costs associated with the purchase of the Home.

Down Payment Assistance Loan means a Florida Home Ownership Assistance Program loan for which no interest is charged and which shall be limited to the lesser of 25 percent of the purchase price of the Home or the amount necessary to enable an Eligible Borrower to meet credit underwriting criteria.

Down Payment Assistance Loan means a second mortgage loan made in conjunction with a Mortgage Loan under a Program, as described in the applicable Invitation.

Down Payment Assistance Loan means a Florida Homeownership Assistance for Moderate Income Program loan in the amount up to $5,000.

Down Payment Assistance Loan means a first Mortgage Loan under a FNMA, FHLMC, FHA or VA loan program which would be a Conforming Mortgage Loan except that the loan to value ratio exceeds the loan to value ratio permitted for a Conforming Mortgage Loan, pursuant to which the Mortgagor receives assistance from a local authority or any other organization for the down-payment or closing costs, usually in the form of a second mortgage that is funded at closing (either by a Seller out of its own cash, or table funded by the provider).

Down Payment Assistance Loan or "Loan" means a Florida Homeownership