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Exhibit I <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 />No cash out to applicant <br />X. Partial Loan Payment <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 />D. Owner Occupied Emerggn&y Rehabilitation Loans (Code #6) <br />a. Summary of the Strategy: <br />To fund all or a portion of the cost encountered for emergency repair of existing owner - <br />occupied housing units to prevent further damage to the unit or to make it habitable with <br />temporary repairs. This strategy shall be used in cases where the health department, a <br />jurisdiction's building official, SHIP administrator, or designee determines that a structure <br />or other items, such as a septic tank, is in such condition that it threatens the occupant's <br />health or safety. <br />b. Fiscal Years Covered: FY 2024-2025, FY 2025-2026, and FY 2026-2027 <br />c. Income Categories to be Served: <br />Very Low -Income Persons (not to exceed 50% of median income) <br />Low -Income Persons (51 to 80% of the county's median income) <br />Moderate -Income Persons (81-120% of median income) <br />d. Maximum Award: <br />The maximum monetary award for an emergency repair loan shall not exceed: <br />Up to $35,000 per single family, condominium -housing unit, mobile home. <br />- 16 - <br />124 <br />