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Deferred Interest Program (DIP)
DIP is a non-amortizing loan 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. If you are an Eligible Person who is relocating to the local area, you may apply for a DIP loan for the purchase of a home. Certain restrictions apply to those who have owned a home in the local area.
DIP-T is a program 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 document.
The Adjustment Improvements document explains how certain home improvements may affect your deferred interest due upon payoff.
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Nothing on this site or in the documents it contains should be construed
as an offer or commitment of any kind. Programs and eligibility requirements
can be changed or discontinued without notice.