FAQs • Health & Human Services - DPCC Homebuyers After Settl

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Health & Human Services - DPCC Homebuyers After Settlement

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1. What if I want to refinance in the future to get a lower rate?: Refinances will be considered if there is no cash out in the transaction. The county will not approve subordinations for Home Equity loans or a Home Equity Line of Credit (HELOC). In these cases (or in the case of default), the remaining DPCC balance must be paid in full.

2. What happens next? When do I have to start making loan payments?: You will receive a letter at settlement which will give you the details of your loan. It will give you all the information you need to start your payments, as well as contact info for the Account Specialists in Family Services who will service your loan.

Payments will generally begin 30 to 45 days after closing. You will receive payment coupons in the mail and a quarterly statement to help you keep track of your loan balance.

3. I may be able to pay off my loan early. Is there a pre-payment penalty?: No - you may make extra payments or pay the entire loan balance off at any time with no penalty.

4. What if I want to refinance my first trust in the future? Will the county subordinate the DPCC loan?: Subordinations for refinance will be considered if you will not be receiving any cash out in the transaction. All subordinations are subject to Loan Committee approval. The county will not approve subordinations for Home Equity Loans or HELOCs. In these cases (or in the case of default), the remaining DPCC balance must be paid in full.