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is less. This
and provides an
:inH
• A Non First-time:
may nave nau an ownersmp interest in msir principal.
within the past three years, but no longer owns or <
property at this time. Please refer to MSHA's !
rroceaurai Lruiae tor complete engiointy
Citv
3 or more 554,460
1-2 persons S45.36Q
3 or more S52.920
1-2 persons S55,680
3 or more
Net Worth
The borrower's net worth cannot exceed 550,000.
1
Citv 81-100% 101-120% 121-140%
$0-31,120 S31,121-38,900 S3E,901-46,680 546,681-54,460
S0-30,240 $30,241-37,800 $37,801-45,360 $45,361-52,920
$0-37,120 $37,121-46,400 £46,401-55,680 $55,681-64,960
S750
two, three
in HUD's Targe
by local
to HUD's 203K
Interest MSHA's current interest rate at the time of application will apply
Rate to the first mortgage. Faimie^Maers Mandatory 60 day rate, plus a"
25 bp margin will apply to the second mortgage. Interest rates will
be locked in as of the date of application.,
Loan The first mortgage will allow for 60% of the purchase price plus
Amount(s) rehab cost or after rehab fair market value, whichever is less. The
second mortgage will apply to the remaining 40% of the purchase
price plus rehab cost or after rehab fair market value, whichever b
less. Rehabilitation costs cannot exceed 40% of the total project
plus $15s000.
Points Three seller points will be charged on MSHA's 60% of the total
loan amount. If a portion of MSHA's 60% includes rehab, the
borrower will pay three points on the improvement part of the loan.
The lender may charge up to three seller points on their 40% of the
total loan amount that is not rehab.
3
4
App. uthorization to with the
3ender(s).
8, The lender schedules the loan closing with the borrower and
local CD Office (if necessary). Rehabilitation contracts with
* are signed prior to closing. An Intercreditor
: be recorded as an addendum to each Mortgage
and Rider. Once the closing takes place, the rehab escrow is set up
and MSHA's loan package is forwarded to MSHA for review and
; to the regular Home Purchase Program:
5
3. Funds will be < ana maae payaoie to
both the borrower and the i
4. Funds will be
obtained from the
Within 60 days
60 days after the end of
to ins
The
Authority
6
2. A copy of the recertification of value statement from the