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For properties acquired with NSP funds and sold to a qualifying household, the buyer household must contribute $ 500 . 00 to the purchase of the home and must obtain a principal mortgage from a financial institution, while the local government will provide the purchasing household with a second mortgage. The second mortgage will be for an amount that reflects the difference between the purchase price less the $ 500 . 00 buyer contribution and the principal mortgage amount. The second mortgage shall be in the form of a zero interest Deferred Payment Loan (DPL) . The DPL will remain in place for a fifteen ( 15 ) year term and will be due and payable at the transfer of ownership of the property, if the transfer of ownership occurs during the fifteen ( 15 ) year period . The Second mortgage will be limited to the following : • An amount not to exceed ten percent ( 10 %) of the sales price of the property for closing cost assistance . This closing cost assistance may be used to pay the buyer' s recording fees, intangible taxes, stamps on the note, mortgage title insurance, wood destroying organism inspections, appraisal fees, property survey fees , credit reports , lender' s document preparation fees, underwriting fees, closing attorney' s settlement fees , buyer ' s courier fees , prepaid property taxes, prepaid homeowner' s insurance, prepaid flood insurance, and any other fees included on the Department of Housing and Urban Development (HUD) closing statement for the property agreeable to both the buyer and the seller. • An amount equal to the difference between the sales price of the property less a $ 500 . 00 required buyer contribution and the amount a mortgage lender selected by the buyer and approved by the County has committed to loan to the buyer for the purchase of the property through a thirty ( 30 ) year fixed rate conventional first mortgage utilizing the property being acquired as collateral . Except as provided below tThe amount of the Gap Financing Assistance may not exceed an afneunt equal to thirty- five percent ( 35 % ) of the sales price of the property . Whenever the county receives pro€;ram income in an amount that reduces the county' s low income set aside expenditures below the 25 % required by NSP regulations the county may increase the maximum amount of Gap Financing Assistance for very low income households up to 50% of a property ' s sale price . Once the count ' s set aside expenditures exceed the minimum 25 % of the combined project grant amount and program income amount the maximum Gap Financing amount for very low income households shall revert to 35 % of the sales price of a home . 13