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Enhancing Our Community
With Affordable Housing

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LENDER INFO

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  • Financing should be by institutional lenders of 501(c)3 not-for-profit agencies whose primary mission is providing affordable housing
  • No seller financing
  • Fixed Interest Rate Loans – No adjustable rate mortgages (ARMS) or balloon payments
  • Thirty year (30) maximum amortization
  • No prepayment penalties
  • Minimum buyer cash contribution is $2,000
  • Gift funds not included in buyers $2,000 cash contribution
  • Property taxes and hazard insurance must be escrowed
  • Maximum debt ratios: 33% front end recommended, will consider up to 36% on case-to-case basis; 42% back end
  • Interest rate – Fannie Mae 30 Year/60-day RNY plus 4%
  • Combined loan-to-value not to exceed 100% the appraised value
  • Lender fees not to exceed 3% of the loan value (application fee, appraisal review, closing fee, commitment fee, discount points, document preparation fee, origination fee, processing fee, underwriting fee, partner fee, mortgage broker fee, administration fee)
  • Any exceptions to these requirements must be justified and documented to the SHIP Administrator for the City of Cape Coral

BOARD OF DIRECTORS

ToniRae Hurley

President

Iberia Bank

Martha Warchol

Secretary

Attorney

Sal Maniscalco

Treasurer

Sun Trust Bank

Ginny Yates

Vice President

Markham Norton

Darla Lloyd

Director

Lloyd Bryant Realty

Sheila Jeffrey

Director

Bank of America

William R Zacovic

Director

School District

ToniRae Hurley

Director

Iberia Bank

Robert Davis

Director

Turbine Generator Maintenance

Jadira Hoptry

Director

Fifth Third Bank

Homebuyer Program

We offer a variety of programs to assist income qualified families to achieve their dream of homeownership.

Owner Occupied Rehabilitation

We offer Owner Occupied Rehabilitation to very-low and low income individuals in need of repairs. The typical repairs are health and safety issues. Read More >

Homebuyer Workshop

We offer HUD approved Homebuyer Workshops in English and Spanish. The curriculum covers Pre-purchase through Post –purchase. Clients need to call the office to reserve a spot for the class.