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Requirements for a Refinanced First Morta 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 <br />Not to exceed the original first <br />For purchase assistance <br />loan, and interest rate <br />mortgage amount. Any <br />loans up to 1 point allowed <br />must be lower than the <br />available equity up to the <br />existing first mortgage <br />original mortgage amount may <br />For other loans up to 2 <br />interest rate. <br />be used for closing costs <br />points allowed <br />assoc � ated with the refinancing. <br />No cash out to applicant <br />ix. Partial Loan Payment I <br />The county's Loan Review Committee (LRC) will review all requests for <br />partial loan payments on a case-by-case basis. However, the county will not <br />accept any partial loan payment less than 35% of the original loan, unless it is <br />proven that it is in the best interest of the county to accept a partial loan <br />payment of less than 35%' <br />C. Purchase Assistance without Rehabilitation Loans (Code #2) <br />a. Summary of the Strategy: <br />To assist eligible persons with down payment and closing costs principal reduction <br />associated with the purchase of a home. Purchase assistance loans without rehabilitation <br />are intended to be used by applicants that find new homes that do not need any <br />rehabilitation. <br />b. Fiscal Years Covered: FY 2021-2022,,FY 2022-2023, and FY 2023-2024 <br />, <br />C. Income Categories to be Served: <br />Very Low -Income Persons (Not to exceed 50% of median income) <br />Low -Income Persons (between 51:780% of median income) <br />Moderate -Income Persons (between 81-120% of median income) <br />d. Maximum Award: <br />Very Low -Income Person $20,000 <br />Low -Income Person $15,000 <br />Moderate -Income Person $10,000 <br />e. Terms, Recapture, Default: <br />I <br />Purchase assistance loans are deferred'payment 20 year loans secured by a mortgage and <br />51 <br />