The Home Loan Payment Relief (HLPR) program is for first-time and modest means homebuyers.
Maximum loan amount: $417,000
Rates change annually after 3 years
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Income:
- The HLPR loan is available to borrowers in Nassau and Suffolk Counties whose household income is a maximum of $116,995 annually. Other income limitations may apply, based on the property location*.
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Maximum loan to value ratio:
- Purchase - 97%
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Property Eligibility:
- Primary Residence
- Single Family and Condominium
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Borrower Contribution (Down Payment):
- Minimum 3% for down payment or closing costs from flexible sources
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Term:
- 30 years
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Closing Costs:
- Estimated at 3% of the amount you borrow for attorney fees, title insurance, mortgage, recording fees, .25% commitment fee, etc.
- We will require funding of an escrow account for the payment of Real Estate Taxes, Homeowners insurance, Flood Insurance (if applicable), and Private Mortgage Insurance (if applicable).
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Annual Adjustment Cap:
- Rate fixed for the first 3 years.
- After 3 years rate can go up or down 1% each year
- Index = 1 Year Constant Maturities Treasury (CMT) index +3%
- Rounded to the nearest 1/8 of 1%
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Lifetime Adjustment Cap:
- 5%
- Rate will not be greater than 5% over the initial interest rate.
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Rate Lock-Ins:
- Closing rate is set 48 hours prior to closing if a lock-in has not been selected
- 30 day rate lock: ½ point, non refundable fee
- 60 day rate lock: 1 point, non-refundable fee
- 90 day rate lock: 1 ½ points, non-refundable fee
- * ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.
