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• 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 />loan the first mortgage loan must be a fixed rate loan. No loan requiring a <br />balloon payment is acceptable for any income group; <br />For all purchase assistance loans a copy of the first mortgage title insurance <br />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 />viii. 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 />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 />associated with the refinancing. <br />54 <br />