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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) and other applicable State or Federal Programs. <br />vii. Maximum purchase price is established per 90% of the average <br />purchase price within the county in the last 12 months. <br />• Maximum purchase price for new single-family homes and <br />condos is $249,584.00, and <br />• Maximum purchase price for existing single family <br />homes and condos is $298,448.00 <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 Mortgage <br />Maximum <br />Maximum Interest <br />Maximum First Mortgage <br />Maximum Points <br />Term <br />Rate Allowed <br />Amount Allowed <br />Allowed <br />Allowed <br />30 Years <br />Must be a fixed <br />Not to exceed the <br />For down payment and <br />rate loan, and <br />original first mortgage <br />closing cost loans up <br />interest rate must <br />be lower than the <br />amount. Any available <br />equity up to the original <br />to 1 point allowed <br />existing first <br />mortgage amount may be <br />For other loans or <br />mortgage interest <br />used for closing costs <br />grants up to 2 points <br />rate. <br />associated with the <br />refinancing. <br />allowed <br />No cash out to applicant <br />12 <br />