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iii. Purchase assistance loans can be given in combination with an impact fee/capacity charge loan for construction of a new unit; iv. As structured, the program does not require an applicant to provide a minimum monetary contribution towards the down payment or closing costs. This program policy, however, does not exempt an applicant from a financial institution's minimum monetary contribution requirement, if applicable; V. No owner financing is allowed. All purchase assistance applicants must receive their first mortgage from a financial institution; vi. Except as otherwise provided for herein, SHIP purchase assistance funds shall not be provided to any household where for the household's first mortgage projected monthly housing cost, including mortgage principal, interest, taxes, and insurance, will exceed 30% of the household's gross income, or where the household's total debt will exceed 45% of the household's gross income. It is not, however, the intent of this plan to limit an individual household's ability to direct more than 30% of its income for housing if the first institutional mortgage lender is satisfied that the applicant household can afford mortgage payments in excess of the 30% benchmark. For that reason, the monthly housing cost to gross income ratio (front end ratio) may be up to 35% as long as the back end ratio does not exceed 45%. In such cases, the first mortgage lender must inform the county in writing of its determination. This determination must be based on specific characteristics applicable to the applicant such as the applicant's debts being short term, the applicant having a good history of debt management, or other pertinent reasons. These requirements apply to all income categories. With the exception of very low and low income Habitat for Humanity applicants, a household's monthly housing cost to income ratio (front end ratio) shall not fall below 20%. Because Habitat for Humanity mortgages carry a 0% interest rate, Habitat for Humanity clients may have a monthly housing cost less than 20% of gross income. In the case of Habitat for Humanity clients, the front end ratio may be as low as 17%; Housing units constructed as new units, within one calendar year, substantially rehabilitated within one (1) calendar year prior to purchase shall be classified as new units; Indian River County has a lending consortium, consisting of local banks and financial institutions. Pursuant to the consortium's rules, consortium members waive certain fees and "charge interest rates close to the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation 30 to 60 day rate for principal mortgages provided to SHIP purchase assistance loan recipients. The maximum term of a first mortgage shall not exceed 30 years. For SHIP purchase assistance loans, the number of points, which may be charged by the financial institution providing the first mortgage, shall be as follows: 53