10. Short Sale Properties DEFINITION A real property sales transaction wherein the seller’s mortgage lender agrees to accept a loan payoff of less than what is owed.
31. DALP Income Limits Household Size 1 2 3 4 5 6 7 80% AMI $52,800 $60,350 $67,900 $75,450 $81,500 $87,500 $93,550 90% AMI $59,400 $67,900 $76,350 $84,850 $91,650 $98,450 $105,250 100% AMI $66,000 $75,450 $84,850 $94,300 $101,850 $109.400 $116,950 110% AMI $72,600 $83,000 $93,350 $103,750 $112,050 $120,350 $128,650 120% AMI $79,200 $90,550 $101,800 $113,150 $122,200 $131,300 $140,350
32. Maximum Loan Limits Maximum DALP loan amount is up to $150,000 or 30% of purchase price whichever is less. The loan amount will be determined based on the applicant’s income, assets, size of household and debt to income ratio Purchase Price capped at $625,000 Loan must be 30 years fixed, fully amortizing Household Income 80% AMI and under 81%-90% 91% - 100% 101%-110% 111% - 120% Subsidy Up to $150,000 Up to $135,000 Up to $120,000 Up to $105,000 Up to $90,000
34. List of Approved Housing Counseling Agencies Asian, Inc. www.asianinc.org Mission Economic Development Association (MEDA) www.medasf.org San Francisco Consumer Credit Counseling Service of San Francisco (CCCSF) www.housingeducation.org San Francisco Housing Development Corporation (SFHDC) www.sfhdc.org San Francisco Urban Community Housing Corporation (SF Urban CHC) www.sfurbanchc.org
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45. Income Limit Size of Household Non-Targeted Area Targeted Area For 2 persons $ 135,720 $ 135.720 3 or More $ 158.340 $ 158.340
46. Purchase Price Limit Type of Property Non-Targeted Area Targeted Area Existing Home 696,118 850,810 New Home 601,950 735,716
47. Example of Reduce the Interest Rate 4.58% 5.75% Effective Interest Rate $1,535.09 $1,750.72 Effective Monthly Mortgage Payment $215.63 N/A Monthly Credit Amount 15% N/A MCC Rate $1,437.50 $1,437.50 Interest $313.22 $313.22 Monthly Mortgage Payment Principal 30 30 Term 5.75% 5.75% Mortgage Interest Rate $300,000 $300,000 First Mortgage Amount With MCC Without MCC Effective Interest Rate
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54. Provides risk assessment software to the 3 bureaus – Equifax, Trans Union, & Experian FAIR ISAAC COMPANY