Program Rate, Costs & Fees
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Upfront Fees |
$75 Application Fee (with credit card only. With credit card fees = $79 total)
You will pay this non-refundable fee during the time you apply.
This fee cover the cost of County-related staff and administration of the program.
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Program Fees Rolled Into your Loan |
Cost of Issuance of Bond (estimated 4%)
This 4% is made up of closing costs & origination fees.
Debt Service Reserve Fund (estimated 5%) Expected to drop
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What is the debt service reserve fund? A standard form of investor security for the Bonds that helps us achieve a better bond rating and interest rate. This money is set aside at closing and held in escrow to secure the Bonds in the event of nonpayment, thereby reducing the overall interest cost to the borrower. These funds may be used to payoff the bond before the end of its term and may release borrowers from any remaining payments at that time. |
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Assessment Rates (Interest Rate) |
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Assessment Rates |
Not-to Exceed |
Estimated |
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Moderate Income Household |
4.75% |
3% |
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Open Loan |
7.75% |
6.75% |
What qualifies you as a moderate income household?:
1-2 people in the household: HH income less than $99,754
3 and up in household: HH income less than $114, 718
Based on Form 1040, line 22; Form 1040EZ, line 4; Form 1040A, line 15 for entire household, using most recent filing
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Example Estimated Annual Payments |
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Amount you apply for |
Approximate Closing Costs* |
Annual Payment for Moderate Income Loan (3%) |
Annual Payment for Open Loan (6.75%) |
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$5,000 |
$ 650 |
$ 473 |
$611 |
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$10,000 |
$1,300 |
$947 |
$1,221 |
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$20,000 |
$2,600 |
$1,893 |
$2,443 |
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*Estimated Closing Costs include 4% Cost Of Issuance, 4% Capitalized Interest, and 5% Debt Service Reserve |
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