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PDC Rate Reducer - Detail Verified 07/20/10 Last Updated 02/05/10

Program Overview

PDC Rate Reducer - Detail Verified 07/20/10 Last Updated 02/05/10 is a second mortgage loan with the proceeds used to pay discount points and permanently reduce the interest rate you pay on your first mortgage loan from PDC. Rate Reducer requires no monthly payment and is completely forgiven in ten years. ***Note: Funding is currently exhausted. Apply in June 2010 for funds available in July. Residential Properties located in a PDC Urban Renewal Area (URA) subject to available funding; for a map of these areas visit www.pdc.us/nhp-ura.

Who is eligible for this program?

•Must meet standard first mortgage criteria for credit and downpayment. • Combined liquid assets(cash and equivalent, stocks, bonds and bank deposit, excluding retirement accounts) cannot exceed six month of PITIMI payments at closing. • Must be a US citizen or legal resident There are no income restrictions. A minimum of $5,000 in renovations required and work generally must be completed within six months of signing loan documents. HUD Median Income Limits: 100% Is this program for first time buyers only? No

Property Eligibility Requirements

Residential Properties located in a PDC Urban Renewal Area (URA) subject to available funding; for a map of these areas visit www.pdc.us/nhp-ura. Allowable property types: Single family, condos, town homes

Benefit Details

For home improvement borrower must complete a minumum of $5,000 of immediate renovations, renovation funds deposited in a PDC Controlled account, must use funds within six months of loan closing. Maximum loan amount is $5,000. Benefit: Rate Reducer is PDC’s investment in making homeownership more affordable by reducing the interest rate on a PDC-originated first mortgage. Depending upon your goals, the reduced interest rate can lower your monthly payment or enable you to afford a larger mortgage. Loan Term: 10 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes

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