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primary residence. If the legal heir is not SHIP eligible or chooses not to <br />occupy the home, the outstanding balance of the loan will be due and <br />payable. <br />If the home is foreclosed on by a superior mortgage holder, the county will <br />make an effort to recapture funds through the legal process if it is <br />determined that adequate funds may be available to justify pursuing a <br />recapture. <br />f. Recipient Selection Criteria: Applicants will be ranked for assistance based on a <br />first -qualified, first-served basis with the priorities for Special Needs income groups <br />as described in section I of this plan. <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: Applicants must secure a first mortgage from a lender. <br />Applicants for purchase assistance loans must also provide a pre -qualification letter <br />from a lender. <br />i. For additional information please see the Indian River County Guidelines and <br />Procedures for Implementing Strategies of Local Housing Assistance Plan <br />document. <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 First Mortgage <br />Maximum <br />Maximum Interest Rate <br />Maximum First Mortgage <br />Maximum Points Allowed <br />Term <br />Allowed <br />Amount Allowed <br />Allowed <br />30 Years <br />Must be a fixed rate loan, <br />Not to exceed the original first <br />For purchase assistance <br />and interest rate must be <br />mortgage amount. Any available <br />loans up to 1 point allowed <br />lower than the existing <br />equity up to the original mortgage <br />first mortgage interest <br />amount may be used for closing <br />For other loans up to 2 <br />rate. <br />costs associated with the <br />points allowed <br />refinancing. <br />No cash out to applicant <br />C. Emergency Repair Loans Code 6 <br />a.. Summary of Strategy: Funds will be awarded to applicants in need of rehabilitation <br />of their home related to a dire situation that needs to be mitigated immediately. This <br />includes: damaged roofing that is leaking, damaged windows causing exposure to <br />the elements, or electrical or plumbing, including septic tank problems, that could <br />cause damage (fire) to the home or is an immediate health hazard to the occupants. <br />This strategy may be used in cases where the health department, a jurisdiction's <br />building official, or SHIP administrator utilizing SHIP inspector's inspection reports <br />determined that a home is in such a condition that it jeopardizes the occupant's <br />- 10 - <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP\2018-2021 LHAP - final submittal.doc <br />19 <br />