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Effective February 3, 2004, the following regulation changes go into effect for HPAP The changes do not apply to NOE’s issued prior to 2/03/2004 GENERAL 1. Debt to income ratios will be determined by the 1st Trust lender program guidelines. 2. Additional compensating factors: 3. a) The minimum down payment requirement for VPAP is $500. for HPAP and MPAP is 3%. b) If the VPAP, HPAP or MPAP buyer has assets above the minimum, subtract 1,000.00, then divide by 2. If this figure is greater than the minimum, use the higher amount as the down payment. 4. Loans will not be made to groups or low yield cooperatives or to purchase multiple dwellings. 5. The purchase price of any property may not be more than 5 % above the appraised value. 6. The loan amounts of a single family home cannot exceed the guidelines established by FHA and Fannie Mae. 1. VPAP - Very - Low income Up to $ 30,000.00 Maximum 2. HPAP - Low - income Up to $ 20,000.00 Maximum 3. MPAP - Moderate - income Up to $ 10,000.00 Maximum REPAYMENT 1. VPAP - No Interest - Program loan amount amortized over not less than a 480 month period. Ex.: a) $30,000. ÷ 480 = $62.50 b) $26,422. ÷ 480 = $55.05 c) $14,691. ÷ 480 = $30.61 2. HPAP - No interest - Program loan amount amortized over a 360 month period. Ex.: a) $20,000. ÷ 360 = $55.56 b) $15,467. ÷ 360 = $42.96 c) $10,250. ÷ 360 = $28.47 3. MPAP - The rate may be at least 2% below the rate of the 1st Trust note, but not less than the minimum of 3%. Ex.: a) 1st Trust rate is 6%, MPAP rate will be 4% b) 1st Trust rate is 4% MPAP, rate will be 3%. GWUL Home | HPAP Home
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