Down-Payment Assistance Program (DPA Program) info:
- This program was designed to mitigate the upfront cost of the MCC PROGRAM and must be used in conjunction with it.
- Use of the program can allow the buyer to close with no money down and provides up to $5,000 towards down payment and closing costs.
- This DPA funds serve as upfront tax credit funds and must be repaid to GHFC within three tax seasons from closing. Basically we give the buyer access to two and a half years of the $2,000 tax credit at closing to simplify the issue of closing funds. Since the tax credit is obtained every year at tax time, we base the repayment around tax time.
- Buyer has three “tax seasons” (mid-April) to repay the DPA funds without penalty.