Amortizing Loan Program

DCHP offers a traditional second mortgage for Down Payment Assistance.  This loan is a 30-year amortizing loan that carries a 3% interest rate.  This loan is $15,000 with 100% of the loan proceeds going towards down payment, closing costs and principal reduction.  Under these terms loan payments are $63.24.   This loan provides families the funds necessary to achieve the minimum required down payment, while still making the home affordable for them.