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P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 8 of 9 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 8 of 9 P23-0177 – 3200 Hopyard Draft Affordable Housing Agreement Page 8 of 9 Unit on the day that the price is set. The mortgage amount shall be for a 30-year fixed rate mortgage with standard fees, closing costs and no points, and shall be less than or equal to the Maximum Monthly Mortgage Amount. Notwithstanding the foregoing, the average down payment calculation shall not include a zero down payment option. B.Additional Sales Price Factors. The calculation of the Sales Price shall be based upon the factors defined below. These definitions conform to the eligibility and underwriting standards established by the major secondary mortgage market investors, such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. i.Mortgage Interest Rate. The mean average of contract interest rates on the date that the Sales Price is set, for fixed rate, 30-year “Conforming” mortgages (presently $1,149,825 or less in Alameda County, as such amount may be adjusted from time to time as the maximum amount of FHA Conforming mortgages), or for jumbo mortgages if applicable; as quoted by three local retail lenders, or the published Freddie Mac six-month moving average. The three local retail lenders shall be selected at random by BAAHA from the list of lenders certified by Alameda County to make first mortgage loans with Mortgage Credit Certificates, as defined by the California Debt Limit Allocation Committee (CDLAC), or from a list of commercially reasonable data. ii.Points. The mean average of points quoted by three local lenders that make mortgage loans to first time home buyers in the City on the date that the Sales Price is set for fixed rate, 30-year mortgages of $822,375 or less, or for jumbo mortgages if applicable, which lenders are selected on a random basis by BAAHA or from commercially reasonable data. Points are a one- time fee paid to a lender for making a loan. One point is equal to one percent of the loan amount. iii.Lender/Escrow Fees. The mean average of fees charged by three local lenders that make mortgage loans to homebuyers, which lenders are selected on a random basis by BAAHA or from commercially reasonable data, plus escrow company fees, for such items as title insurance, appraisal, escrow fees, document preparation and recording fees. iv.Loan to Value Ratio. The maximum ratio of the dollar amount of a conforming mortgage to the sales price of a home which a lender is willing to approve at a given point in time. For purposes of this Agreement, the loan to value ratio shall be calculated as the mean average of the maximum loan to value ratios as quoted by three local lenders selected on a random basis by BAAHA or from commercially reasonable data or from a list of lenders who actively make loans to homebuyers and who participate in the Mortgage Credit Certificate program. v.Housing Expense Ratio. The mean average of the housing expense ratio as reported on the date that the sales price is set, for fixed rate, 30-year mortgages of $1,149,825 or less, or for jumbo mortgages if applicable, by three local lenders that make mortgage loans to homebuyers in the City, which lenders are selected on a random basis by BAAHA or from