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.� <br /> ' ' � ' �■ <br /> ASS1Sf — Homebuyer Assistance � ' = � <br /> Hffordable Home Ownership for Families <br /> - r � ■ ■ <br /> PROGRAM DESCRIPTIOl� <br /> An innovative program sponsored by counties throughout the state offering <br /> families the opportunity to buy their own home. The homebuyer assistance fea- <br /> ture of the program provides families with funds to pay all or most of their closing <br /> costs and down payment, enabling families with good credit but littte extra capital <br /> to buy their first home. <br /> Key Features <br /> Overview <br /> • Counties join together create program <br /> • One county serves as issuer of tax-exempt bonds <br /> • No financial contribution or commitment required of any county <br /> Homebuyer Assistance —4.25% • � <br /> • 3% Closing costs and down-payment assistance <br /> • 1.25% Lender fee assistance <br /> Qualifying Homebuyers <br /> • First-time homebuyers (not owned residence in thres years) <br /> • Will occupy home as their residence <br /> • Meet income guidelines <br /> • Meet purchase price guidelines <br /> Type of Loans <br /> • 30 year fixed rate loans � <br /> • FHA, VA and conventional loans <br /> • Loans funded with proceeds of bond issue <br /> • Interest rate below conventional loan rates as of bond closing <br /> Advantages � <br /> • Provides additional home ownership opportunities � <br /> � Serves the 40% of potential homebuyers who qualify for loans but lack funds <br /> • No out-of-pocket expenses to any county to participate <br /> Expected Interest Rate <br /> • 7.50%, based on current market conditions <br /> Gates Capital Corporallon Coiumbia Capital Management, <br />