The borrower must contribute a minimum of $1,000 cash.
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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.
Yes - many ADU buyers take advantage of one of the county’s housing finance programs.
DPCC loans may be used in conjunction with several first trust products, such as Conventional, FHA, VA or VHDA. Other types will be subject to program approval. Subprime or ARM mortgage products are ineligible for the program.