Down payment assistance definition

Down payment assistance or "assistance" means financial

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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 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),

Examples of Down payment assistance in a sentence

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.
Down payment assistance funds are sent directly to the title company or other organization handling the closing (financial transaction) at least 24-48 hours before the closing date.
Down payment assistance funds cannot be paid directly to a Tribal member.
Down payment assistance funds are typically sent by wire transfer.
Down payment assistance is provided through a deferred-payment, no-interest due “soft” second mortgage that is used to buy down the principal of the homebuyer’s mortgage, thereby lowering their monthly payment and increasing their buying power.

More Definitions of Down payment assistance

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

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 grants or loans used to reduce the first mortgage amount to the borrower. “Eligible furnishings” are furnishings and appliances which may be funded by the AHP. These include

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 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 any assistance provided to a Qualified Household to pay for closing costs on a Unit, or to cover any gap between the sales price of a Unit and an Affordable Housing Cost for the relevant Qualified Household, whether provided through Town funds, Owner funds or any other funding source.