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," <br /> �r , .' , <br /> . . I�SS%St— Home buyer Assistance Program Outline <br /> Affordable home ownership for families Page 2 � <br /> Qualifying Home buyers _ <br /> • First time home buyers (not owned residence in three years) <br /> • Will occupy the home as their residence <br /> • Meet income guidelines � <br /> • Meet purchase price guidelines <br /> Advantages <br /> • Provides additional home ownership opportunities in each City <br /> • Home ownership provides added stability in a community <br /> • Serves the 40% of potential home buyers who qualify for loans but lack funds <br /> • Strategic alliance with lenders in the state <br /> • Customized marketing in each city <br /> • No out-of-pocket expense to any city to participate <br /> Famiiies Qualifying for Loans <br /> No DO`Nn Have Qown <br /> Paym e nt Paym e nt <br /> Program Details <br /> Total Home Buyer Assistance: ��4.75% <br /> Closing Costs and Down Payment: 3.00% <br /> Origination Fee and Lender Reimbursement: 1.75% <br /> Mortgage rate: Expected rate of 7.00% at today's rates <br /> Lending Period: March 1, 2000 through Feb. 28, 2002 <br /> Expected Closing date: March 1, 2000 <br /> Bond Counsel: Chapman & Cutler <br /> GATES Capital Corporation <br />