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SHIP LHAP Template 2016-001 1 Jeff. Date 7/1/20241 R Qoang .o eligible or chooses not to occupy the home, the outstanding balance of the loan will be due and payable. If the home is foreclosed on by a superior mortgage holder, the county will make an effort to recapture funds through the legal process if it is determined that adequate funds may be available to justify pursuing a recapture. f. Recipient Selection Criteria: Applicants will be ranked for assistance based on a first -qualified, first-served basis with the priorities for Special Needs income groups as described in section I of this plan. g. Sponsor/Developer Selection Criteria: N/A In. Additional Information: Applicants for purchase assistance loans must provide a Vt mortgage pre - qualification letter from a lender in order to participate in the County program. Applicants must secure a first mortgage from an approved lender. i. For additional information, please see the Indian River County Guidelines and Procedures for Implementing Strategies of the Local Housing Assistance Plan. j. No existing SHIP mortgage will be subordinated to a refinanced first mortgage unless the following requirements are met: Requirements for a Refinanced First Mortgage Maximum Maximum Interest Rate Maximum First Mortgage Maximum Points Allowed Term Allowed Amount Allowed Allowed 30 Years It must be a fixed-rate Not to exceed the original first For purchase assistance loan, and the interest rate mortgage amount. Any available loans, up to 1 point allowed must be lower than the equity up to the original existing first mortgage mortgage amount may be used For other loans, up to 2 interest rate. for closing costs associated with points allowed the refinancing. No cash out to an applicant -10- 82