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Buyer Household Income Minimum CashAo- Close Requirement Up to 80% AMI $ 200 81 % to 120% AMI $ 500 H . NSP3 Homeowner Financial Assistance Grantee will provide a qualifying purchasing household with a second mortgage for Gap Financing and dowpayment/closing cost assistance . 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 buyer contribution and the amount a mortgage lender selected by the buyer and approved by Grantee or developer has committed to loan to the buyer for the purchase of the property through a fixed rate conventional first mortgage amortized up to a thirty ( 30 ) year period utilizing the property being acquired as collateral . The total amount of the 2nd mortgage may not exceed an amount equal to thirty-five percent ( 35 % ) of the sales price of the property . I . Disclosures at Time of Application Unless an Applicant is disqualified during the intake interview, he or she will be given hard copies of preliminary disclosure documents that provide the following . 1 . An explanation of the NSP3 program in general terms and its benefits to buyers and the community. 2 . The general locations and price ranges of NSP3 Homes that may be available for Buyers to purchase, and a estimate of typical buyer- paid closing costs . 3 . The NSP3 application approval criteria . 4 . Waiting list policies . 18