DIP is a non-amortizing loan of up to $250,000 with no current interest but deferred interest due at payoff. This program can only be used in combination with the maximum amount of a Mortgage Assistance Program (MAP) loan to purchase a qualifying residence.
DIP-T is an additional program up to $350,000 for eligible borrowers promoted to tenure or to Continuing Term who meet certain program requirements.
DIP-R is for those who are retiring and choose to amend their DIP or DIP-T loans to carry them into retirement. A current interest rate will apply.
For more information, download the DIP brochure.
The Adjustment Improvements document explains how certain home improvements may affect your deferred interest due upon payoff.