if the assistance is actually a 2nd lien and incurs a payment, you would add it as a second lien. Most DPA programs though usually don't require a payment unless the home is sold or refinanced, so you can enter the amount of the DPA as a credit in MC to reduce the cash to close. Please see the following walkthrough for details on how to do this:
Articles in this section
- Which fees should be included in the APR?
- How can I delete a product?
- How do I copy or duplicate an existing report?
- Is there a debt consolidation tool in MC?
- How do I show down payment assistance in MC?
- How do I calculate the UFMIP refund on a FHA Streamline Refi when I don't know the original UFMIP?
- How do I prepare an amortization for loans in MC?
- How can I show a Purchase vs Cash scenario? (paying in cash opposed to a mortgage)
- How to enter reserves in MC
- How to enter in a seller or lender credit