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r r <br /> Downpayment / Closina Cost Loans Summary Page <br /> Purpose : To assist eligible persons with the <br /> downpayment and closing costs associated <br /> with the purchase of a home . <br /> Funding Source : State Housing- Initiatives Partnership <br /> ( SHIP ) <br /> Eligible Persons : ► Very low income persons <br /> ► Low income persons <br /> ► Moderate income persons <br /> Assistance : The county provides up to : <br /> ► $ 15 , 000 . 00 for very low income <br /> households <br /> ► $ 10 , 000 . 00 for low income households <br /> ► $ 7 , 500 . 00 for moderate income <br /> households <br /> The loan will be secured by a promissory <br /> note and mortgage document in favor of <br /> Indian River County , <br /> Criteria : Income Eligible Households : VLI ( up to <br /> 500 of the county ' s median income ) , <br /> LI ( 51 - 80 % of the county ' s median income ) <br /> MI ( 81 - 120 % of the county ' s median <br /> income ) <br /> Property <br /> Qualification : Owner - Occupied <br /> Housing Cost to <br /> Income Ratio : 20 - 30 % <br /> Total Debt to <br /> Income Ratio : not to exceed 41 % <br /> 1st Mortgage Loan <br /> to Value Ratio : Must be 90 % or <br /> higher for MI group <br /> only <br /> Loan Period : Deferred payment <br /> loan <br /> Interest Rate : Zero ( 0 ) <br /> Repayment Terms : Repayment of the <br /> loan amount occurs <br /> upon resale of the <br /> unit or if the <br /> assisted unit is <br /> occupied by someone <br /> other than the <br /> original loan <br /> recipient . <br /> 25 <br />