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10 years for Rehabilitation Assistance Portion): sale, transfer, or <br />conveyance of property; conversion to a rental property; loss of homestead <br />exemption status; failure to occupy the home as primary residence or <br />refinancing with cash out. If any of these occur, the outstanding balance <br />will be due and payable. <br />In cases where the qualifying homeowner(s) die(s) during the loan term, <br />the loan may be assumed by a SHIP eligible heir who will occupy the home <br />as a 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 for purchase assistance loans must provide a 1St <br />mortgage pre -qualification letter from a lender in order to participate with the <br />County program. Applicants must secure a first mortgage from an approved <br />lender. <br />i. For additional information please see the Indian River County Guidelines and <br />Procedures for Implementing Strategies of the Local Housing Assistance Plan. <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 <br />first mortgage interest <br />mortgage amount may be used <br />For other loans up to 2 <br />rate. <br />for closing costs associated with <br />points allowed <br />the refinancing. <br />No'cash out to applicant <br />14 <br />