Section 67-45.003 - General Program RestrictionsLoans will be subject to the following restrictions:
(1) In no case may an Eligible Borrower receive more than one Down Payment Assistance Loan or any other second mortgage loan offered by the Corporation.(2) Loans shall be made available only to Eligible Borrowers to finance Homes which do not exceed the Maximum Acquisition Price.(3) Loans will be serviced by the Corporation or its designated servicer.(4) Loans shall be evidenced by a properly executed note as evidence of the indebtedness and shall be secured by a properly executed and recorded mortgage, subject only to the lien of the First Mortgage.(5) Prepayment of the Loans shall be permitted without penalty.(6) Loans are not assumable.(7) No more than one-fifth of the funds available in the Trust Fund may be made available by the Board of Directors to provide loan loss insurance reserve funds to facilitate homewonership for any persons or families whose incomes do not exceed 140 percent of the State median income or local median income, whichever amount is higher. In the event of default, the reserve funds are authorized to be used to offset losses incurred by both the first mortgagee and the second mortgagee.Fla. Admin. Code Ann. R. 67-45.003
Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.5088 FS.
New 8-7-95, Formerly 9I-45.003, Amended 12-26-99, 12-7-03, 2-2-05.New 8-7-95, Formerly 9I-45.003, Amended 12-26-99, 12-7-03, 2-2-05.