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inherits the assisted housing unit is qualified as SHIP income eligible ( very low , low , or moderate income ) the mortgage and promissory note may transfer to that child ( beneficiary ) and no payment is due at the time . c . Subordination of SHIP Mortgage Associated With Refinancing of the First Mortgage No existing ship mortgage will be subordinated to a refinanced first mortgage unless the following requirements are met : Requirements for a Refinanced Mortgage Maximum Maximum Interest Maximum First Maximum Points Term Rate Allowed Mortgage Amount Allowed Allowed Allowed 30 Years Must be a fixed Not to exceed the For downpayment rate loan , and original first and closing cost interest rate mortgage amount . Any loans up to 1 must be lower available equity up point allowed than the to the original existing first mortgage amount may For other loans mortgage be used for closing or grants up to 2 interest rate , costs associated with points allowed the refinancing . No cash out to • applicant 7 . IRCLHAProgram Compliance Monitoring All housing units shall be monitored for compliance with the requirements of the IRCLHAProgram and Strategies as follows : a . Compliance Review Activities All housing units assisted by the IRCLHAProgram shall be subject to the following monitoring activities to determine compliance with the requirements of IRCLHAProgram and Strategies as appropriate : i . Property Tax Payment Verification For owner financed units , compliance verification with this requirement shall be conducted on an annual basis . For units receiving principal financing from a financial institution , payment of property taxes will be made through an escrow account . ii . Homeowner / Property Owner Insurance Verification For owner financed units , compliance 59