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be provided to SHIP office tfansaetiens. <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 />vii. 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 <br />Florida Housing Finance Corporation. <br />• Maximum purchase price for new and existing single-family homes <br />and condos is $261,923 <br />viii. Subordination of SHIP mortgages associated with first mortgage <br />refinancing shall be subject to the following requirements. <br />No existing SHIP mortgage will be subordinated to a refinanced first mortgage unless the <br />following requirements are met: <br />Requirements for a Refinanced Mortgage <br />Maximum <br />Term <br />Allowed <br />Maximum Interest Rate <br />Allowed <br />Maximum First Mortgage <br />Amount Allowed <br />Maximum Points Allowed <br />30 Years <br />Must be a fixed rate <br />loan, and interest rate <br />must be lower than the <br />existing first mortgage <br />interest rate. <br />Not to exceed the original first <br />mortgage amount. Any <br />available equity up to the <br />original mortgage amount may <br />be used for closing costs <br />associated with the refinancing. <br />No cash out to applicant <br />For downpayment and <br />closing cost loans up to 1 <br />point allowed <br />For other loans up to 2 <br />points allowed <br />ix. 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 20% of the original loan, unless it <br />is proven that it is in the best interest of the county to accept a partial loan <br />payment of less than 20%. <br />20 <br />