Down Payment Assistance Sample Clauses

Down Payment Assistance. 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 5.00% of the principal amount of the Mortgage Loan (the “ DPA”) to eligible borrowers in accordance with the terms of the Program Administrator’s Guidelines. Such DPA 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 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. The DPA is in the form of a 0% interest, 3-year forgivable second mortgage, equal to the applicable percentage of the note amount (based on the assistance selected) to apply toward down payment and/or closing costs. Assistance is forgiven over a three year period (principal forgiven monthly).a true grant/gift and is not repayable by the borrower. A DPA acknowledgement form or gift letter must be executed by the borrower.

Down Payment Assistance. (a) The Authorities shall provide down payment assistance in varying amounts (as set forth in the Notices to the Lenders and on the Daily Rate Sheet of the 2012 Program) as a percentage of the principal amount of the Mortgage Loan to Eligible Borrowers in accordance with the terms of the eHousing Guidelines. Such down payment assistance shall be applied to, at the Mortgagor’s choice, origination fees, a down payment on the mortgage loan and/or closing costs. The Authorities shall be reimbursed for down payment assistance forwarded to Eligible Borrowers upon the purchase of the Mortgage Loan by the Master Servicer pursuant to the terms of the 2012 Program. Down payment assistance is a grant and is not directly repayable by the borrower of the Mortgage Loan; rather the interest rate on the Mortgage Loan has been increased to provide the funds for such down payment assistance. (b) The Lender must sell the Mortgage Loan to the Master Servicer. Any Mortgage Loan not sold to the Master Servicer (regardless of reason, including Master Servicer or Security Purchaser rejection of the Mortgage Loan or related documentation) will result in repayment of the amount of down payment assistance to the order of the Authorities by the Lender within 5 days of such failure to sell the Mortgage Loan. (c) At least 3 business days prior to the closing of the Mortgage Loan, the Lender will provide, or require the title company for that Mortgage Loan to provide, the following information to the Authorities or their designee or assignee: 1) Borrower Name; 2) Property Address and Purchase Price; 3) Amount of Mortgage Loan; 4) Title Company Name and Address; 5) Wire Instructions; and 6) The amount of down payment assistance required for the Mortgage Loan, calculated at a percentage (set by the Authorities) of the Mortgage Loan selected by the borrower.

Down Payment Assistance. In connection with the Program, each Mortgagor will be provided a down payment assistance grant equal to four percent (4%) or five percent (5%) of the original principal amount of the Mortgagor’s Mortgage Loan (the “DPA Grant”) depending on the mortgage rate chosen. The DPA Grant is being provided by the Authority, as evidenced by the Gift Letter and other requirements established in HUD Mortgagee Letter 2013-14. As a convenience and in accordance with the requirements established in HUD Mortgagee Letter 2013-14, the Lender will fund each DPA Grant at the time of closing of each Mortgage Loan. The Servicer will reimburse the Lender for the DPA Grant at the time of the sale of the mortgage loan to the Servicer. The DPA Grant is not a loan and is not repayable by a Mortgagor.

Down Payment Assistance. In connection with the Program, each Mortgagor will be provided a down payment assistance grant equal to four percent (4%) or five percent (5%) of the original

Down Payment Assistance. The Corporation or its agent shall directly provide a forgivable second mortgage loan at Mortgage Loan closing, currently in an amount equal to 4.00%, 5.00% or 6.00% of the original principal amount of the Mortgage Loan (the “DPA Loan”) to eligible borrowers. Such DPA Loan shall be applied to the down payment on a Mortgage Loan and/or to closing costs. The DPA Loan is a 10-year, forgivable loan. The DPA Loan becomes due and payable if the borrower sells, transfers or disposes of the property, if the borrower fails or ceases to occupy the property as the borrower’s primary residence, if borrower refinances or satisfies the first mortgage loan, or if the first mortgage loan becomes due and payable in full for any reason. Upon the occurrence of any of the actions described in this paragraph the repayment shall be equal to: From signature date to first anniversary 100% From first anniversary to second anniversary 90% From second anniversary to third anniversary 80% From third anniversary to fourth anniversary 70% From fourth anniversary to fifth anniversary 60% From fifth anniversary to sixth anniversary 50% From sixth anniversary to seventh anniversary 40% From seventh anniversary to eighth anniversary 30% From eighth anniversary to ninth anniversary 20% From ninth anniversary to tenth anniversary 10% After tenth anniversary 0% To the extent the DPA Loan is advanced by the Corporation on Mortgage Loans that do not close, are not purchased by the Master Servicer or are to be repurchased by the Lender prior to being pooled into a GNMA Certificate, the Lender hereby agrees to reimburse the Corporation with respect to such DPA Loan so advanced.

Down Payment Assistance. Prior to the initial Closing of each WHIP Unit, ▇▇▇ agrees to contribute a sum equal to five (5%) percent of the purchase price of the Workforce home, not to exceed $20,000 to the City’s Down Payment Assistance Program Fund (“DPA Funds”). The parties agree that once paid, this contribution by ARD constitutes compliance with ARD’s down payment assistance obligations under Exhibit G of the Development Agreement. ARD may alternatively make a lump-sum contribution to City for all covered WHIP Units to satisfy ARD’s down payment assistance obligations under Exhibit G of the Development Agreement. The City agrees to utilize said DPA Funds to assist the buyer of such WHIP unit with the purchase of that WHIP unit, including but not limited to, contributing said funds to buyer’s down payment as a loan consistent with the City's DPA program. ARD acknowledges that the DPA Funds will be subject to an interest-bearing promissory note, secured by a deed of trust in favor of the City and when said DPA Funds are recouped by the City, in keeping with the terms of the Development Agreement, City will utilize these recouped DPA Funds to assist any income qualifying household who purchases a home in ▇▇▇▇▇ Ranch. Notwithstanding the foregoing, City may utilize said recouped DPA Funds in City’s discretion in conjunction with affordable housing assistance throughout the City of San ▇▇▇▇ Obispo.

Down Payment Assistance. The Corporation shall provide down payment assistance in an amount equal to 5.00% of the principal amount of the mortgage loan to eligible borrowers in accordance with the terms of the Administrator’s Guidelines. Such down payment assistance shall be applied to a down payment on the mortgage loan and/or to closing costs. Down payment assistance is a grant and is not repayable by the borrower.

Down Payment Assistance. Initially, the Authority shall provide two options for down payment assistance to eligible borrowers in accordance with the terms of the Administrator's Guidelines: (1) a non-repayable grant in an amount equal to 5.00% of the principal amount of the mortgage loan (a "Own a Home Opportunity Grant"), or (2) a 0% second mortgage payable upon sale or refinance of the first mortgage in an amount not to exceed $7,500 for loans originated in Charlotte, Collier, DeSoto, ▇▇▇ and Sarasota Counties and in an amount not to exceed $10,000 for loans originated in Palm Beach County (a "Own a Home Opportunity Loan"). Such down payment assistance shall be applied to a down payment on the mortgage loan and/or to closing costs.

Down Payment Assistance. The Down Payment Assistance Program is designed to help low- and moderate-income households achieve the goal of homeownership. Funds provided to title company and secured by mortgage and mortgage note.