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Purpose: <br />Downpayment/Closing Cost Loans Summary Page <br />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: <br />Very low-income persons <br />• Low-income persons <br />• Moderate -income persons <br />Assistance: The County provides up to: <br />Criteria: <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 />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: <br />Housing Cost to <br />Income Ratio: <br />Total Debt to <br />Income Ratio: <br />Mortgage Loan <br />to Value Ratio: <br />Loan Period: <br />Interest Rate: <br />Repayment Terms: <br />Owner -Occupied <br />20-30% <br />Not to exceed 41% for VLI & LI <br />Not to exceed 45% for MI <br />Must be 85% or higher for MI <br />group only <br />Deferred payment loan <br />Zero (0) <br />No payment is required except <br />in cases where the assisted <br />unit is sold, refinancing with <br />a cash out, or occupied by <br />someone other than the original <br />loan recipient. <br />Maximum purchase <br />price: New homes and condos: <br />$249,58400 <br />13 <br />Existing homes and condos: <br />$298,448.00 <br />