FY 2014-2015 0ctober 1, 2014
AFFIDAVIT
I (We) hereby submit the attached Application, Uniform Residential Loan Application, tax returns, and other furnished documents to be
considered for the Neighborhood Housing and Community Development’s Down Payment Assistance Program. Under penalty of law, I
certify the home being purchased is located at:
____________________________________________________, Austin, Texas, Zip _______________.
The information contained in the submission of the required program-related documents is true and correct. I further certify that:
1. Neither I or the Co-Applicant have owned a home in the last three years
2. I (we) am a U.S. citizen or I (we) have legal permanent resident status
3. The house I (we) am purchasing will be my (our) primary place of residence
4. The house I (we) am purchasing is located within the Full Purpose Austin city limits
5. The following is a list of all persons (related and unrelated), including myself, who will occupy the home after
closing:
I (we) understand that:
1. “Standard DPA” is from $1,000 up to $14,999 in a 0% (0% APR) interest, deferred, forgivable loan and is in a second lien
position. See Program Guidelines for more detailed information. “Shared Equity DPA” is from $15,000 up to $40,000 and
is in a 0% interest, deferred, forgivable loan. It includes a “Shared Equity” agreement and “City of Austin Right of First
Refusal” provision. The DPA loan amount is based on the borrower’s demonstrated financial gap.
2. The DPA loan will be due and payable upon early sale, refinancing, home equity loan, lease or transfer of title before the
affordability period of 5 years for Standard DPA, or 10 years for Shared Equity DPA. Shared equity is forgivable after 30
years.
3. Households may earn no more than 80% median family income for Austin.
4. DPA loans require a minimum borrower contribution of $1,000 in Earnest Money.
5. DPA funds will be for: eligible closing costs and pre-paid expenses identified in a signed Good Faith Estimate and
reflected in the final HUD1 Settlement statement; and a down payment amount calculated according to the borrower’s
demonstrated financial gap.
6. The first lien mortgage loan must be a fully amortized, fixed-rate loan of up to 30 years, with an interest rate that does not
exceed the prevailing market rates for conforming loans.
7. The DPA second mortgage when combined with the first may not exceed the estimated value of the property including all
closing costs.
8. A homebuyer education class and Shared Equity pre-closing meeting (if applicable) must be completed before closing.
____________________________________________ _____________________________________________
Applicant (original signature) Date Co-Applicant/ (NPS) (original signature) Date