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Lenders: Rates/Cost Caps and Other Details
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Homebuyer will need a min. of
$500 invested
in the purchase to qualify for
Low Income
NSP funds.
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Homebuyer will need a min. of
$1250 invested
in the purchase to qualify for
Moderate/Middle Income
NSP funds.
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Loan may not be
more than 1% over average FHA rate.
(www.hud.gov)
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Maximum Lender Fees and Points cannot exceed 4%
Do I have to pay these Pasco County funds back?
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The funds that come from Pasco County will be in the form of
a 0% interest loan. They will have to be paid back to the
County. The funds that are paid back will help other
families buy homes in the future. The term of the payback is
variable depending on your ability to pay.
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You will have a term of up to 30 years to pay off your loan.
If you cannot afford to pay back the loan immediately, the
loan will be deferred for five years. At the end of that
time you will start making payments, at the following
schedule:
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Loan Amount Term of Loan Maximum Payment
$0 - $5,000 10 years $41.67 per month
$5,001 - $10,000 15 years $55.56 per month
$10,001 - $15,000 20 years $62.50 per month
$15,001 - $20,000 25 years $66.67 per month
$20,001 - $25,000 30 years $69.44 per month
$25,001 - $30,000 30 years $83.33 per month
$30,001 - $35,000 30 years $97.22 per month
$35,001 - $40,000 30 years $111.11 per month
$40,001 - $45,000 30 years $125.00 per month
$45,001 - $50,000 30 years $138.89 per month
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This only applies to deferred loans. Homebuyers who can
immediately make payments may have a higher amount.
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Under no case can a payment be less than $25 per month. You
will know before you close what your payments will be and
when you will begin to make them. If the property is rented
or the homebuyer moves out, the loan will become immediately
due.
Lenders: What to Give to Pasco County SHIPP
to Prepare for Closing:
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Wire Instructions
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HUD 1 for final review (remember to check for Section 32
requirements, 4% Pasco County rule and FNMA 5% conventional
rule!)
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Title company contact information
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Lenders need to allow 5 days after complete approval from
Pasco County to schedule closing in order for title co. to
receive check.
Pasco County SHIPP 2nd
Mortgage Closing Costs that need to be on initial Good Faith
Estimate:
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