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waive certain fees and charge interest rates close to the Federal National <br />Mortgage Association or Federal Home Loan Mortgage Corporation 30 to 60 <br />day rate for principal mortgages provided to SHIP purchase assistance loan <br />recipients. The maximum term of a first mortgage shall not exceed 30 years. <br />For SHIP purchase assistance with rehabilitation loans, the number of points, <br />which may be charged by the financial institution providing the first mortgage, <br />shall be as follows: <br />• For conventional loans, up to one (1) point may be paid from SHIP <br />funds. If a lender, does not charge any points on a principal mortgage <br />associated with a SHIP purchase assistance loan, the lender may <br />increase the interest rate on the first mortgage up to a maximum of 1 <br />percentage point above the maximum interest rate referenced above <br />For FHA loans, a maximum of one (1) point may be paid from SHIP <br />funds <br />• For "bond program" loans only, more than one (1) point may be paid <br />from SHIP funds; <br />For applicants to be eligible to receive SHIP funds for a purchase assistance <br />with rehabilitation loan the first mortgage loan must be a fixed rate loan. No <br />loan requiring a balloon payment is acceptable for any income group; <br />For all purchase assistance with rehabilitation loans a copy of the first <br />mortgage title insurance must be provided to SHIP office; and <br />Purchase assistance loans may be leveraged with loans from financial <br />institutions, USDA Rural Development, Community Development Block <br />Grant (CDBG), HOME Investment Partnership Program (HOME), <br />Community Workforce Housing Innovation_ Pilot Program (CWHIP), and <br />other applicable State or Federal Programs. <br />vii. Maximum purchase price shall not exceed 90% of the average area purchase <br />price as established by the U.S. Treasury Department and published by Florida <br />Housing Finance Corporation. <br />• Maximum purchase price for new and existing single-family homes <br />and condos is $294,601. <br />viii. Subordination of SHIP mortgages associated with first mortgage refinancing <br />shall be subject to the following requirements. <br />No existing SHIP mortgage will be subordinated to a refinanced first mortgage unless the following <br />requirements are met: <br />50 <br />