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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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$73,800 |
$84,870 |
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$68,729 |
$79,039 |
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$67,320 |
$78,540 |
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$63,600 |
$74,200 |
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$64,440 |
$75,180 |
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$62,160 |
$72,520 |
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3. Maximum Home Cost:
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1 -Unit Residence (new or existing
homes) |
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Bastrop, Caldwell, Hays,
and
Williamson
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$263,164 |
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Blanco, Burnet, Fayette, Lee, and Llano |
$247,032 |
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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: |
3.49 % “Assisted” Loans with 4 % 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 4.00% 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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PARTICIPATING LENDERS:
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