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F . Certifying the Incomes Eligibility of Prospective Buyers Developer will verify and certify the income- eligibility of prospective buyers . Required documentation ( copies of driver' s licenses, paystubs , etc . ) will be kept in Developer' s files and copies sent to Grantee . The income certification may be no more than six months old at the time that the buyer and Developer enter into a purchase agreement . If older, the buyer must be recertified . An Applicant whose application fails to meet the NSP3 eligibility requirements will be given a written notice of denial as described in Section H , below . G . NSP3 Homeowner Financial Contribution For properties acquired with NSP3 funds and sold to a qualifying household , the buyer household must contribute the following minimum buyer contribution towards the purchase of the home . Buyer Household Income Minimum Cash -to- Close Requirement Up to 80% AMI $ 200 81 % to 120% AM 1 $ 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 . 17