I’m qualified to apply! What are the loan terms?

The loan is secured by a 2nd lien on your home for a 30-year term at 5.00%. The maximum loan amount is $25,000 (or 10% of the purchase price – whichever is less). You will make monthly payments beginning about 30-45 days after your settlement. There is no prepayment penalty if you decide to pay your loan off early.

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1. Who is qualified to apply for the program?
2. I’m qualified to apply! What are the loan terms?
3. I am also participating in the Affordable Dwelling Unit (ADU) Purchase program. Can I use the DPCC program in conjunction with my home purchase?
4. I need more the maximum loan amount to cover all of my closing costs and down payment. I qualify for the PEG grant as well. Can I use both programs?
5. I don’t need as much DPCC as I was approved for, can I use the rest for other things?
6. The checklist says that everyone over the age of 18 must submit proof of income. My spouse/child is not currently employed. What documentation will you need from them?