What are the terms of the loan?

The loan is secured by a second lien on the home for a 30-year term at a fixed rate of 5.00%. The maximum loan amount is $25,000 (or 10% of the purchase price - whichever is less). There is no prepayment penalty. Subordination for a refinance with no cash out will be considered. Approval by the Loan Committee is required.

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1. Who is qualified to apply for the program?
2. What are the terms of the loan?
3. The buyer is also participating in the Affordable Dwelling Unit (ADU) Purchase program. Can they use the DPCC program in conjunction with the purchase?
4. Are all first trust types eligible in the program?
5. How much cash does the borrower have to bring to closing?