Down Payment Assistance Loan definition

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 which shall be limited to the lesser of 25 percent of the purchase price of the house 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 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 House 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 or closing costs associated with the purchase of the House Home.
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 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.

Examples of Down Payment Assistance Loan in a sentence

  • The Township Council hereby authorizes the Township Manager and/or the Township Chief Finance Officer to allow for the disbursement of funds as set forth in this resolution and the Down Payment Assistance Loan Program Agreement.

  • 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.

  • Participating Lenders may reserve funds for a first mortgage and the Agency’s Down Payment Assistance Loan (“DPAL”) for eligible borrowers (collectively the “Program” or the “DC Open Doors Program”).

  • I (We) acknowledge and understand that this Declaration will be relied upon for purposes of determining my (our) eligibility for a Down Payment Assistance Loan.

  • Background:The ARCH Down Payment Assistance Loan Program has given qualified borrowers down payment and closing cost assistance through a revolving loan fund since 2005 (an estimated 65 homebuyers received this assistance).

  • Homeownership: Expand the availability of PHB’s Down Payment Assistance Loan program to first-time homebuyers with incomes between 80% and 120% MFI.

  • All written decisions or actions of the RDA shall contain a notice provision substantially similar to the following: As the Applicant for a Down Payment Assistance Loan, you have the right to Appeal any decision or action on your Application for a Down Payment Assistance Loan.

  • 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.

  • General Down Payment Assistance Loan Program Guidelines A borrower may use the Agency’s deferred DPAL toward their applicable down payment, closing costs, or prepaid expenses on an eligible DC Open Doors first trust mortgage.

  • ADFA is pleased to be able to provide down payment and closing cost assistance in the form of a Down Payment Assistance Loan secured by a second mortgage (“DPA Loan”) to those who qualify for it.


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 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 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 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.
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 or "Loan" means a Florida Homeownership

Related to Down Payment Assistance Loan

  • Resettlement Assistance means the measures to ensure that project affected persons who may require to be physically relocated are provided with assistance such as moving allowances, residential housing or rentals whichever is feasible and as required, for ease of resettlement during relocation.

  • Down payment means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later.

  • Initial Term Loan Repayment Amount shall have the meaning provided in Section 2.5(b).

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Financial Assistance Agreement means the Financial Assistance Agreement by and between the State of Wisconsin by the Department of Natural Resources and the Department of Administration and the Municipality pursuant to which the Bonds are to be issued and sold to the State, substantially in the form attached hereto and incorporated herein by this reference;

  • New Term Loan Repayment Amount shall have the meaning provided in Section 2.5(c).

  • LWDA PAGA Payment means the 75% of the PAGA Penalties paid to the LWDA under Labor Code section 2699, subd. (i).

  • Monthly Payment Advance means, with respect to any 20[•]-[•] Lease and any Collection Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial Monthly Payment.

  • Special Allowance Payments means payments, designated as such, consisting of effective interest subsidies by the Department in respect of the Trust Student Loans to the Eligible Lender Trustee on behalf of the Trust in accordance with the Higher Education Act.

  • Loan Payment means any amount payable by the Loan Parties to the Bank pursuant to the Legal Agreements or these General Conditions, including (but not limited to) any amount of the Withdrawn Loan Balance, interest, the Front-end Fee, interest at the Default Interest Rate (if any), any prepayment premium, any transaction fee for a Conversion or early termination of a Conversion, any premium payable upon the establishment of an Interest Rate Cap or Interest Rate Collar, and any Unwinding Amount payable by the Borrower.”

  • Extended Term Loan Repayment Amount shall have the meaning provided in Section 2.5(c).

  • Mandatory Guest Fee means any separate fee that a patron or guest is charged for in addition to the base room rate for a guest room, including but not limited to resort fees, facility fees, destination fees, amenity fees, urban destination fees, or any other similar fee. Mandatory Guest Fees do not include employee gratuities, state or local mandatory taxes, and other tax-like fees and assessments that are levied on a stay, as determined by us, that are passed through to a third party (such as tourism public improvement district fees, tourism or improvement assessments, and convention center fees).

  • Prepayment Charge Period As to any Mortgage Loan, the period of time during which a Prepayment Charge may be imposed.

  • Note Payment Sequence means the application of Interest Proceeds in accordance with the Interest Proceeds Priority of Payments or the application of Principal Proceeds in accordance with the Principal Proceeds Priority of Payments, as applicable, in the following order:

  • Cash Advance means the amount requested by you and advanced to you by any method approved by us according to the terms of this Agreement in cash or cash equivalent items (including, but not limited to, money orders, travelers checks, lottery tickets, casino chips, vouchers redeemable for cash, or racetrack xxxxxx).

  • Cash assistance means cash benefits provided under the family independence program, the refugee assistance program, or state disability assistance.

  • Cash Advance Fees shall have the meaning specified in the Credit Card Agreement applicable to each Account for cash advance fees or similar terms.

  • Application for Final Payment means Contractor’s final invoice for payment that includes any portion of the Work that has been completed for which an invoice has not been submitted, amounts owing to adjustments to the final Contract Sum resulting from approved change orders, and release of remaining Contractor’s retainage.

  • the Macfarlane (Special Payments) Trust means the trust of that name, established on 29th January 1990 partly out of funds provided by the Secretary of State, for the benefit of certain persons suffering from haemophilia;

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Monthly P&I Advance An advance of funds by the Master Servicer pursuant to Section 4.02 or a Servicer pursuant to its Selling and Servicing Contract to cover delinquent principal and interest installments.

  • Capitation Payment means a payment the STATE makes periodically to the MCO for each Enrollee covered under the Contract for the provision of services as defined in Article 6 regardless of whether the Enrollee receives these services during the period covered by the payment.

  • Termination Assistance Services has the meaning set forth in Section 18.12.