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This is the part III of a V part series with Golden State Finance Authority. GSFA OpenDoors™ Program is designed to increase homeownership opportunities for lowto-moderate income individuals and families in California. DPA Amount: • Up to 7.00% of the First Mortgage Loan amount.
DPA Form: • DPA is in the form of a Gift and a deferred 30-year term, non-amortizing loan with no monthly payments DPA General Terms: • Proceeds may be used for down payment and/or closing costs; • There must be no cash back to the borrower from the DPA proceeds; • Note Rate of Second Mortgage is 0%; • Non-amortizing loan with no monthly payments; • Second Mortgage is due and payable upon sale, refinance or payoff of the 1st mortgage; • No subordination allowed; • Lender must conform to federal RESPA and Truth-in-lending laws in disclosing the terms of the Second Mortgage.