Q: The program documents define the minimum down payment, is there a maximum down payment?
A: The unit’s “Declaration of Resale Restrictions” state the financing terms in the section “Acceptable Loan Types and Downpayment Minimums” -- usually found in Exhibit 4, or in the Exhibit “Refinancing Policy And Procedures”. The City reserves the right to require buyers to provide a supportable rationale when the buyer’s proposed front end ratio (PITIA plus utilities and maintenance reserve) is below 25%, so the minimum ratio may restrict the down payment.