DPA Loan definition

DPA Loan means a subordinated, no stated interest, thirty-year term loan for down payment and closing costs made to a mortgagor under the Program in an amount as identified in the commitment lot notice applicable to the 2021 A Mortgage Loan, subject to adjustment from time to time at the direction of the Department. DPA Loans are not considered Mortgage Loans.
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DPA Loan means a subordinate lien loan made in connection with a first lien loan made by THDA, for purposes of downpayment and closing cost assistance; such DPA Loans may be either (i) non-interest bearing loans with 30 year terms, due on sale or refinance, or (ii) fully amortizing 30 year term loans with an interest rate equal to the related first lien loan.
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DPA Loan means a subordinated, no stated interest loan for down payment and closing costs made to a mortgagor under the Program in an amount as identified in the commitment lot notice applicable to the 2022 A Mortgage Loan, subject to adjustment from time to time at the direction of the Department. DPA Loans are due on sale, refinance, or repayment of the first mortgage and may be either forgiven on the 3-year or 5-year anniversary of the closing of the first mortgage, or have a thirty year term with no forgiveness. DPA Loans are not considered Mortgage Loans.
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Examples of DPA Loan in a sentence

  • Such DPA Loan shall be applied to the down payment on a Mortgage Loan and/or to closing costs.

  • 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.

  • The Parties agree that any funds recaptured from the Down Payment Assistance Loans set forth in Exhibit C attached hereto (the "Exhibit C DPA Loans") shall be the property of the HFA, and the County agrees (i) to transfer any such funds to the HFA, and (ii) not to release or otherwise enter into any agreement regarding an Exhibit C DPA Loan without the HFA's approval.


More Definitions of DPA Loan

DPA Loan means a subordinated, no stated interest, thirty-year term loan for down payment and closing costs made to a mortgagor under the Program.
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DPA Loan means a subordinated, no stated interest, thirty-year term loan for down payment and closing costs made to a Mortgagor under the Program in an amount equal to either
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DPA Loan means a subordinated, no stated interest loan for down payment and closing costs made to a mortgagor under the Program in an amount as identified in the commitment lot notice applicable to the 2022 B
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DPA Loan means a subordinated, no stated interest, thirty year term loan for down payment and closing costs made to a Mortgagor under the Program in an amount equal to 4.0% of the principal amount of the 2009C-3 Mortgage Loan, as identified in the commitment lot notice applicable to the Thirtieth Mortgage Loan, subject to adjustment from time to time at the direction of the Department.
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DPA Loan means a subordinated, no stated interest, thirty year term loan for down payment and closing costs made to a Mortgagor under the as identified in the commitment lot notice applicable to the 2019A Mortgage Loan, subject to adjustment from time to time at the direction of the Department.
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