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• For " bond program " loans only , more than one ( 1 ) point <br /> may be paid from SHIP funds . <br /> For applicants in the very low and low- income groups to be <br /> eligible to receive SHIP funds for downpayment / closing costs , <br /> the first mortgage loan must be a fixed rate loan . Adjustable <br /> or fixed rate loans are acceptable for the moderate- income <br /> group only . No loan requiring a balloon payment is acceptable <br /> for any income group . <br /> Title insurance is required for all downpayment / closing cost <br /> loan transactions . <br /> Downpayment / closing cost loans may be leveraged with loans <br /> from financial institutions , USDA Rural Development , Community <br /> Development Block Grant ( CDBG ) , HOME Investment Partnership <br /> Program ( HOME ) , Community Workforce Housing Innovation Pilot <br /> Program ( CWHIP , and other applicable State or Federal <br /> Programs . <br /> vii . Maximum purchase price is established per 90 % of the average <br /> area purchase price as published by Florida Housing Finance <br /> Corporation . <br /> • Maximum purchase price for new and existing single - <br /> family homes and condos is $ 253 , 125 . 00 <br /> viii . Subordination of SHIP Mortgage associated with refinancing <br /> of the first Mortgage <br /> No existing SHIP Mortgage will be subordinated to a refinanced first mortgage <br /> unless the following requirements are met : <br /> Requirements for a Refinanced Mort a e <br /> Maximum Maximum Interest Maximum First Mortgage Maximum Points <br /> Term Rate Allowed Amount Allowed Allowed <br /> Allowed <br /> 30 Years Must be a fixed Not to exceed the For downpayment and <br /> rate loan , and original first mortgage closing cost loans up <br /> interest rate must amount . Any available to 1 point allowed <br /> be lower than the equity up to the original <br /> existing first mortgage amount may be For other loans or <br /> mortgage interest used for closing costs grants up to 2 points <br /> rate . associated with the allowed <br /> refinancing . <br /> No cash out to applicant <br /> 12 <br />