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 $7,500 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.