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Fr- -I <br />0 E 2 0 1991 BOOK' F.AE <br />Mr. Bulleit reviewed the following summary of what the program <br />provided last year: <br />_William L Hough & Co. <br />100 SECOND AVENUE SOUTH , <br />SUITE 800 , <br />ST. PETERSBURG. FLORIDA 33701 <br />(813)823-8100 <br />INDIAN RIVER COUNTY, FLORIDA <br />... ;TERM SHEET'.. <br />Mortgage Rate: Mortgage Rate is 7.75%. <br />Mortgage Terms.- <br />30 years; fixed rate; FHA/VA only <br />,•.: ,., Origination Period•. <br />14 month4.• <br />Funds Available: <br />. <br />Funds were made available on March 28, 1991. <br />- Und_ eiwriting Criteria: <br />Fust -time homebuyer (cannot have owned a home in last 3 years) <br />FHA/VA and GNMA underwriting policies <br />Maximum Current <br />NON TARGETED AREAS <br />Familv Income: <br />12 Family 3 + Family <br />Members Members <br />$35,900 $41,285 <br />Maximum Acquisition <br />NON TARGETED AREAS <br />Price: <br />New Existing - - <br />M070 $75,960 <br />Target Area: <br />None. <br />Acceptable Property <br />1�•• <br />1. Single Family Detached <br />2. Condos and PUD must meet GNMA standards and be acceptable to FHA or <br />VA, as applicable <br />3. Manufactured homes must meet GNMA standards and be acceptable to FHA <br />or VA as applicable <br />Required Documentation at <br />Time of Anolication• <br />L Fully executed sales contract, and <br />2. Tax returns for last three years <br />Builder Reservations: <br />A maximum of 75% of a lender's allocation can be reserved for builders. <br />No more than 10% of total program funds to anyone builder. <br />Homebuyer <br />Origination Fee,• <br />3.50%, plus $350 application fee <br />Lender/Builder <br />2% for spot funds <br />Commitment Fee: <br />2.5% for builder reservations <br />Lender <br />Origination Profit: <br />1.5% of all loans <br />Servicing; <br />Lenders originate and sell loans to a Master Servicer. The Master Servicer purchases <br />loans at least twice a month. Loans are combined to form initial GNMA $1,000,000 <br />pool, $500,000 thereafter. <br />STATE. COUNTY AND MUNICIPAL BONDS <br />n <br />