Laserfiche WebLink
8AAK 94 FAGS 469 <br />0 To reject the recommendations. <br />Either of the first two alternatives will ensure that only <br />recipients who need assistance will be assisted and then only <br />for the minimum amount needed. The third alternative will <br />maintain the county Affordable Housing Assistance Plan as it <br />is with no changes. Staff, the SHIP lenders committee, and <br />the Affordable Housing Advisory Committee support the first <br />alternative. <br />RECOMMENDATION <br />Staff, the SHIP lenders committee, and the Affordable Housing <br />Advisory Committee recommend that the Hoard of County Commissioners <br />adopt the amendments to the Indian River County Local Housing Plan <br />as shown on attachment 2 and direct staff to submit the amended <br />plan to the Florida Housing Finance Agency for their review and <br />approval. <br />CONCERNS EXISTING CRITERIA PROPOSED CHANGES <br />- MAXIMUM HOUaIm NEW 595,400.00 $77,150 FOR BOTH NEW ARD EXISTING UNITS <br />COST/PURCHASE PRICE EXISTING $83,160.00 <br />- ASSETS LIMIT '$45,000.00 OR HALF OF 5 10,000.00 <br />PUROHABE PRICE, <br />WHICHEVER I8 GREATER ,ANY RESERVE OVER $2000.00 MUST <br />APPLY TOWARD HOUSING UNIT <br />PURCHASE BEFORE USING SHIP <br />ELIGIBLE PER8ON8 - VLI NO CHANGE <br />- LI <br />- LOWER HALF OF MODERATE <br />- DPCC ASSISTANCE <br />- UP TO $10,000 FOR VLI <br />- UP TO 515,000.00 FOR vLI, UP TO <br />6 LI <br />$10,000 FOR LI, UP TO $5,000.00 <br />FOR MI OR MINIMUM AMDUNT OF <br />- UP TO $7,000 FOR MI <br />DPCC NEEDED PER LENDER, <br />WHICHEVER I8 LESS. THE AMOUNT <br />OF MONTHLY HOUSING COST, <br />INCLUDING MORTGAGE, INTEREST, <br />TAXES, AND INSURANCE SHALL NOT <br />EXCEED 301 OF THE MONTHLY <br />NOUBENOLD INCOME. ROUSING COST <br />TO INCOME RATIO SHOULD NOT BE <br />LOWER THAN Zee UNLESS A LARGER <br />DOWN PAYMENT IS NEEDED TO <br />ENSURE THAT THE TOTAL DEBT TO <br />INCOME RATIO DOES NOT EXCEED <br />411. <br />- For MI group only, the loan to <br />value ratio should not fall <br />below 901. <br />- CREDIT HISTORY <br />- NO BAD CREDIT, NOT <br />- LESS STRINGENT GUIDELINES PER <br />EVEN MINOR OR ISOLATED <br />ATTACHED REQUIREMENTS <br />INSTANCES <br />- LOAN REQUIREMENTS <br />- Rb SPECIFIC <br />• NO POINTE FROM SNIP FUNDS FOR <br />REQUIREMENTS <br />CONVENTIONAL LOANS <br />• MAXIMUM 1 POINT FROM SHIP FUNDS <br />FOR FHA LOANS <br />• ADDITIONAL POINTS ALLOWED ONLY <br />FOR BOND PROGRAM LOANS <br />• FIXED RATE LOANS ONLY FOR VLI <br />AND LI GROUPS. FIXED OR <br />ADJUSTABLE RATE LOANS ARE <br />-. <br />ACCEPTABLE FOR MI GROUPS. NO <br />LOAN REQUIRING A BALLOON <br />PAYMERT I8 ACCEPTABLE <br />• TITLE INSURANCE IS REQUIRED FOR <br />ALL DOWNPAYMENT/CLOSING COSTS <br />LOAN TRRNBACTIONB <br />FEBRUARY 28, 1995 48 <br />