Sales Price, Income Eligibility, Mortgage Liens and Sales Timeline Sample Clauses

Sales Price, Income Eligibility, Mortgage Liens and Sales Timeline. The proposed sales price of each unit will not exceed the lower of the following: 95 percent of the median purchase price for the area based on Federal Housing Administration (FHA) single family mortgage program; or the appraised value of the completed unit. Prospective buyers will apply directly with the lender of their choice for a first mortgage loan and will be reviewed through the City’s First Time Home Buyer program staff to determine income eligibility. Total household income must not exceed 80 percent of the Area Median Income as determined by HUD. The household will be referred to the Home Center for homebuyer education classes and will enter into a buy/sell agreement with the Developer. Buyers will be qualified for a first mortgage using no more than 30 percent of household income for monthly payments. Silent, zero percent interest, deferred payment loans will be secured as secondary mortgages to ensure primary mortgage payments are no more than 30 percent of total household income. Total debt ratio will be no higher than 41 percent of household income. The Developer will ensure a City-approved Montana Trust Indenture, Promissory Note and Deed Restriction are secured against the units for the secondary liens. The Deed Restriction will include the amount of HOME assistance, deferred payment restrictions, use of funds, restrictions on use, mechanisms to ensure the affordability periods are met, and recapture provisions for proceeds to be paid back to the City. These second-position liens will identify the City of Xxxxxxxx as the sole recipient for repayment of HOME funds upon resale, refinance or non-use as a primary residence. The Developer may receive and retain proceeds from the initial sale of the property to the first home purchasers in order to assist in other housing activities to benefit low income households. The City will monitor the units for non-use as a primary residence through the procedures implemented for the First Time Home Buyer program. The Developer will sell the units to income-eligible households within nine months of unit completion.
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