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Downvavment / Closing Cost Loans Summary Page <br /> Purpose : To assist eligible persons with down payment / closing <br /> costs and principal reduction associated with the <br /> purchase of a home or condominium . <br /> Funding Source : State Housing Initiatives Partnership ( SHIP ) <br /> Eligible Persons : Very low- income persons <br /> • Low- income persons <br /> • Moderate- income persons <br /> Assistance : The County provides up to : <br /> • $ 50 , 000 . 00 for very low- income households <br /> • $ 30 , 000 . 00 for low- income households <br /> • $ 20 , 000 . 00 for moderate - income households <br /> The loan will be secured by a promissory note and <br /> mortgage document in favor of Indian River County . <br /> Criteria : Income Eligible Households : VLI ( not to exceed 50 % of <br /> the County ' s median income ) , LI ( 51 % - 80% of the County ' s <br /> median income ) MI ( 81 % - 120 % of the County ' s median <br /> income ) <br /> Property <br /> Qualification : Owner - Occupied <br /> Housing Cost to <br /> Income Ratio : 20 - 30 % <br /> Total Debt to <br /> Income Ratio : Not to exceed 41 % for VLI & LI <br /> Not to exceed 45 % for MI <br /> Mortgage Loan <br /> To Value Ratio : Must be 85 % or higher for MI <br /> group only <br /> Loan Period : Deferred payment loan <br /> Interest Rate : Zero ( 0 ) <br /> Repayment Terms : Applicant must sign the <br /> County ' s promissory note and <br /> mortgage document . No payment <br /> is required except in cases <br /> where the assisted unit is <br /> sold , refinancing with a cash <br /> out , or occupied by someone <br /> other than the original loan <br /> recipient . <br /> Maximum purchase <br /> Price : New and existing homes and <br /> condos : <br /> $ 253 , 125 . 00 <br /> 13 <br />