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04:Summary of Terms
MAXIMUM LOAN AMOUNT: Varies with Bedroom, Household Size, and Household Income:
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Maximum City Loan Amount |
| Unit Size |
Minimum Household Size |
Low Income Buyer |
Moderate Income Buyer
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| Studio |
1 |
$110,000 |
$50,000 |
| 1 Bdrm |
1 |
$110,000 |
$60,000 |
| 2+ Bdrm |
2* |
$110,000 |
$75,000 |
*See Guidelines for exceptions to minimum household size.
Loan amount may not exceed the lesser of 60% of the purchase price or the amount necessary to enable the Borrower to afford the unit.
| LOAN TERM |
Twenty years; Thirty years for Fannie Mae designated lenders. |
| INTEREST RATE |
"Contingent Interest" equal to a proportional share of appreciation in the unit. |
| DOWN PAYMENT |
Minimum of 3% of purchase price. |
| RESTRICTIONS |
Applicant must occupy unit prior to submitting application.
Unit must be primary residence. Cannot be rented or used primarily for business purposes. If unit is sold within three years, City receives 10-30% of the unit's appreciation in addition to a proportional share of the appreciation in the unit. |
This summary describes the major features of this program. For a full description of program requirements, please see the TORCA Shared Appreciation Loan Program Guidelines.
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