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such a change. For the moderate income group only, SHIP downpayment/closing cost funds shall not be provided to any household where that household's first mortgage loan to value ratio will fall below 90%. Housing units which are to be constructed and acquired by eligible persons, housing units constructed as new units or substantially rehabilitated within one (1) calendar year prior to purchase, or existing housing units to be acquired with combined SHIP downpayment/closing cost and rehabilitation funds shall be classified as constructed, rehabilitated, or repaired units. The maximum term of a first mortgage shall not exceed 30 years. The maximum interest rate for the first mortgage shall not exceed the Federal National Mortgage Association (FNMA) fixed rate 30 or 60 day delivery (published daily in the Wall Street Journal) rounded up to the nearest .125%. For SHIP downpayment/closing cost loans, the number of points which may be charged by the financial institution providing the first mortgage shall be as follows: o For conventional loans, no points shall be paid from SHIP funds. C For FHA loans, a maximum of one (1) point may be paid from SHIP funds. G For "bond program" loans only, more than one (1) point may be paid from SHIP funds. For applicants in the very low and low income groups to be eligible to receive SHIP funds for downpayment/ closing costs, the first mortgage loan must be a fixed rate loan. Adjustable or fixed rate loans are acceptable for the moderate income group only. No loan requiring a balloon payment is acceptable for any income group. Title insurance is required for all downpayment/closing costs loan transactions. Downpayment/closing cost loans may be leveraged with loans from financial institutions, USDA rural development, and other applicable state or federal programs. b. Eligibility i. Geographic Area Downpayment/Closing cost loans may be made for