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SHIP LHAP Template 2016-001 <br />[eff. Date 7/1/20241 <br />F10�d . OSin <br />Ug <br />exemption status; failure to occupy the home as a primary residence or refinancing with cash out. If <br />any of these occur, the outstanding balance will be due and payable. <br />In cases where the qualifying homeowner(s) die(s) during the loan term, the loan may be assumed by <br />a SHIP -eligible heir who will occupy the home as a primary residence. If the legal heir is not SHIP <br />eligible or chooses not to occupy the home, the outstanding balance of the loan will be due and <br />payable. <br />If the home is foreclosed on by a superior mortgage holder, the county will make an effort to <br />recapture funds through the legal process if it is determined that adequate funds may be available to <br />justify pursuing a recapture. <br />f. Recipient Selection Criteria: Applicants will be ranked for assistance based on a first -qualified, <br />first-served basis with the priorities for Special Needs income groups as described in section I of this <br />plan. <br />g. Sponsor/Developer Selection Criteria: N/A <br />h. Additional Information: Applicants for purchase assistance loans must provide a 1St mortgage pre - <br />qualification letter from a lender in order to participate in the County program. Applicants must <br />secure a first mortgage from an approved lender. <br />i. For additional information, please see the Indian River County Guidelines and Procedures for <br />Implementing Strategies of the Local Housing Assistance Plan. <br />j. No existing SHIP mortgage will be subordinated to a refinanced first mortgage unless the <br />following requirements are met: <br />Requirements for a Refinanced First Mortgage <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 />It must be a fixed-rate <br />Not to exceed the original first <br />For purchase assistance <br />loan, and the interest rate <br />mortgage amount. Any available <br />loans, up to 1 point allowed <br />must be lower than the <br />equity up to the original <br />existing first mortgage <br />mortgage amount may be used <br />For other loans, up to 2 <br />interest rate. <br />for closing costs associated with <br />points allowed <br />the refinancing. <br />No cash out to an applicant <br />-10- <br />106 <br />