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Downpayment/Closin.a Cost Loans Summary Paae <br />Purpose:, To assist eligible persons with the <br />downpayment and closing costs associated <br />with the purchase of a home. <br />Funding Source: State Housing- Initiatives Partnership <br />(SHIP) <br />Eligible Persons: ► Very low income persons <br />► Low income persons <br />ON. Moderate income persons <br />Assistance: The county provides up to: <br />► $15,000.00 for very low income <br />households - <br />01. $10,000.00 for low income households <br />► $ 7,500.00 for moderate income <br />households <br />The loan will be secured by a promissory <br />note and mortgage document in favor of <br />Indian River County. <br />Criteria: Income Eligible Households: VLI (up to <br />500 of the county's median income), <br />LI(51-80% of the county's median income) <br />MI (81-1200 of the county's median <br />income) <br />Property <br />Qualification: <br />Owner -Occupied <br />Housing Cost to <br />Income Ratio: <br />20-300 <br />Total Debt to <br />Income Ratio: <br />not to exceed.41%._ <br />1s` Mortgage Loan <br />to Value Ratio: <br />Must be 900 or <br />higher for MI group <br />only <br />Loan Period: <br />Deferred payment <br />loan <br />Interest Rate: <br />Zero (0) <br />Repayment Terms: <br />Repayment of the <br />loan amount occurs <br />upon resale of the <br />unit or if the <br />assisted unit is <br />occupied by someone <br />other than the <br />original loan <br />recipient. <br />25 <br />