Program helps to manage the overall housing expenses for a borrower who is purchasing an eligible property and has an existing student debt (which can be in repayment or deferred status) balance of a minimum of $1,000 and up to a maximum of 15% of the home purchase price (but not higher than $40,000).
The full student debt for at least one borrower must be entirely paid off at the time of the home purchase; partial loan payment is not permitted under this program.
If the borrower desires it, a third mortgage will be provided by CDA as a regular Down Payment Assistance loan of $5,000, 0% deferred (due upon sale, payoff, transfer, or refinance of the first mortgage), subordinated to the first and second mortgage
