Laserfiche WebLink
A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J -R. SMITH, CLERK <br />Requirements for a Refinanced First Moritig e <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 a licant <br />D. 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 a SHIP inspector's inspection <br />report(s) determined that a home is in such a condition that it jeopardizes the <br />occupant's health and safety. When an applicant is assisted with emergency repairs, <br />they will not lose their place on the queue list. However, the amount of funds <br />expended for the emergency repairs will be counted towards the maximum award if <br />the applicant receives subsequent assistance through the rehabilitation strategy. <br />Funds may also be awarded to pay insurance deductibles for any emergency repairs <br />covered by the homeowner's policy. <br />b. Fiscal Years Covered: 2021-2022, 2022-2023, and 2023-2024 <br />C. Income Categories to be served: Very -low, low, moderate <br />d. Maximum award: $25,000 <br />e. Terms: <br />1. Deferred Payment Loan (DPL): Funds will be awarded as a deferred payment <br />loan secured by a recorded subordinate mortgage and note. <br />2. Interest Rate: 3% Simple Annual Interest. <br />3. Years in Loan term: 10 years. <br />4. Forgiveness: The entire loan amount and interest accumulated will be forgiven <br />after 10 years of occupancy. <br />- 13 - <br />F:\Community Deve10pment\SHIP\CHAP\2021-2024 LHAP\2020 LHAP Revisions\BCC Item - LHAP\2 - <br />2021-2024 LHAP - 12-1-20 BCC Meeting.doc <br />