Enhancing Our Community
With Affordable Housing
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LENDER GUIDELINES: CITY OF CAPE CORAL AFFORDABLE HOUSING PROGRAMS
- 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
CHOOSE YOUR 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 >
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.