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Capital
Area Housing Finance Corporation
2009 Single Family Mortgage Revenue Bond
Program |
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ISSUER: |
Capital Area Housing Finance Corporation (www.cahfc.org) |
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SIZE OF BOND ISSUE: |
$15
million (funded via Aaa-rated, revenue bonds issued via
GSE/Treasury NIBP) |
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ELIGIBLE LOANS: |
FHA/VA/RHS
(30-year, fixed rate) |
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ELIGIBLE MORTGAGORS: |
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1. First-time Homebuyers: |
Eligible homebuyers cannot have owned a home in the past
3 years, except for Qualified Veterans who are exempt
from the first-time homebuyer requirement for this
program. |
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2. Maximum Family Income: |
(by County) |
2 or Fewer
Persons |
3 or More Persons
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Bastrop, Caldwell, Hays,
Williamson |
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$73,300 |
$84,295 |
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$64,311 |
$73,958 |
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$64,651 |
$74,349 |
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$64,800 |
$74,602
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$63,120 |
$73,640 |
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$60,960
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$71,120
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3. Maximum Home Cost:
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1 -Unit Residence (new or existing
homes): |
$258,690 |
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Note: Income and Home Cost limits
are subject to change when the IRS
releases its annual figures; Higher
Maximum Home Cost Limits are allowed for
two to four family residences |
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ELIGIBLE LOAN AREA: |
Mortgage loans
under the program may be made to qualifying borrowers
throughout the nine-County area of the Capital Area HFC
(the Counties of Bastrop, Blanco, Burnet, Caldwell,
Fayette, Hays, Lee, Llano, or Williamson Counties,
including the City of San Marcos in Hays County). |
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INTEREST RATE: |
4.75% “Low Rate”
Loans without down payment assistance (DPA)5.25% “Assisted” Loans with 3% DPA Grant
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DOWN PAYMENT ASSISTANCE:
As noted above, the program provides at the
borrower’s |
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option (1) “assisted” loans that will provide for a
non-repayable grant of 3.00% for DPA, or (2) “low rate”
loans without DPA. All qualifying borrowers under the
program are eligible for the assisted loans.
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POINT STRUCTURE: |
At mortgage loan closing, the lender is allowed to
collect a 1.00% origination fee and a 1.00% discount
point from the borrower or seller plus other usual and
customary fees. |
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SCHEDULE: |
First Date to Close Loans – January 12, 2010
Final Loan Submission Date – November 17, 2010
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PARTICIPATING LENDERS:
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