Specifications include, but are not limited to: All proposals must demonstrate an understanding of and account for the unique design of the Program which is detailed in the supporting Program documents and includes: - Construction-to-permanent loan - Secured on primary residence as a 2nd or 3rd position lien dependent on other financing of the remaining construction costs - 20 years deferred - Partially forgivable, applied halfway through the loan period - Due at Maturity - Interest rate adjustments based on borrower performance - Three distinct interest periods, one period with three possible interest rates that change intermittently - Last-in funding, possibly necessitating a dry-close of the loan - Minimal underwriting standards - No escrow (can ride along another loan that uses an escrow account)
