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be acquired with combined SHIP downnavment/cios+na cost <br /> iquFssase and rehabilitation funds shall be classified as <br /> constructed, rehabilitated, or repaired units. <br /> Tht maximum term of the A first mortgage shall not exceed <br /> 30 years. The maximum interest rate for the first <br /> mortgage shall not exceed the Federal National Mortgage <br /> Association (FNMA) fixed rate 30 or 60 day delivery <br /> (published daily in the Wall Street Journal) rounded up <br /> to the nearest .125%. <br /> For SHIP downpayment/closing cost loans, the number of <br /> points which may be charged by the financial institution <br /> providing the first mortgage shall be as follows: <br /> 0 For conventional loans, no points shall be paid from <br /> SHIP funds. <br /> 0 For FHA loans, a maximum of one (1) point may be paid <br /> from SHIP funds. <br /> C For "bond program" loans only, more than one (1) point <br /> may be paid from SHIP funds. <br /> For applicants in the very low and low income groups to <br /> be eligible to receive SHIP funds for downpayment/ <br /> closing costs, the first mortgage loan must be a fixed <br /> rate loan. Adjustable or fixed rate loans are acceptable <br /> for the moderate income group only. No loan requiring a <br /> balloon payment is acceptable for any income group. <br /> Title insurance is required for all downpayment/closing <br /> costs loan transactions. <br /> Downpayment/closing cost loans shall be leveraged with <br /> loans from financial institutions, USDA rural <br /> development, and other a_mnlicable state or federal <br /> Programs 08 a9wepriate. <br /> b. Eligibility <br /> i. Geographic Area <br /> Downpayment/Closing cost loans may be made for <br /> eligible housing units located anywhere in the <br /> County, including all municipalities located within <br /> the County. <br /> ii. Housing Unit Classification <br /> All housing units shall be owner-occupied <br /> residences. Mobile homes are not eligible. <br /> 20 <br />