ACCESS
PROMISORY NOTE
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ACCESS |
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| FIRST TIME HOMEBUYER | HAVE NOT HAD OWNERSHIP IN THE PAST THREE YEARS | HAVE NOT HAD OWNERSHIP IN THE PAST THREE YEARS | YES | NO | NO |
| OWNER OCCUPIED | YES | YES | YES | YES | YES |
| LOAN APPLICABLE WITH | FHA | FHA / VA / COVENTIONAL | FHA | FHA OR 97% FLEX CLV | FHA |
| HOME OWNERS CLASSES | NO | NO | YES | NO | NO |
| MAXIMUM ASSISTANCE | 97% LTV | 15% FEDERAL TAX CREDIT | $5,000.00 | UP TO 5% OF SALES PRICE | 6% SALES PRICE |
| ANNUAL INCOME LIMITS | YES | YES | YES | $51,900.00 | $71,200.00 |
| PURCHASE PRICE LIMITS | YES | YES | YES | FHA LOAN LIMITS | FHA LOAN LIMITS |
| RECAPTURE | YES | YES | YES | NO | NO |
| CAN HOME BE RENTED | NO | NO | NO | AFTER ONE YEAR | NO |
| FORM OF ASSISTANCE | LOWER INTEREST RATE | 15% FEDERAL TAX CREDIT | FORGIVABLE
10 YEAR
PROMISORY NOTE |
20 YEAR SILENT SECOND PROMISORY NOTE | SECOND MORTGAGE |
| TERM | 30 YEARS | 30 YEARS | 30 YEARS | 20YRS. 2ND./ 30YRS. 1ST | 20 YEARS |
| CURRENT FEES | N/A | $200 | N/A | $715 | $590 ABOVE NORMAL CC |
| PROPERTY REQUIREMENTS | SINGLE FAMILY DWELLING | SINGLE FAMILY DWELLING | SINGLE FAMILY DWELLING | SINGLE FAMILY DWELLING | SINGLE THROUGH FOUR FAMILY |
| SELLER CONTRUBUTIONS | MAXIMUM 6% | MAXIMUM 6% | MAXIMUM 6% | MAXIMUM 6% | MAXIMUM 6% |
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