United States Code
USC most recently checked for updates: Jun 09, 2023
The Secretary shall make available a model program under which units of general local government provide loans (secured by second mortgages) with deferred payment of interest and principal to first-time homebuyers.
The payment of any principal and interest on a loan under this section shall be deferred for not less than the 5-year period beginning on the date of the acquisition of the residence by the homebuyer.
The interest rate on the unpaid balance of a loan under this section shall be at least 4 percent.
A deferred payment loan secured by a second mortgage shall be repayable over the 15-year period beginning at the end of the deferral period.
A deferred payment loan assisted with amount 1