O-2002-2600 - Laserfiche WebLink

Browse Search

e e 4. Intake: · SETH shall have applicant fill out intake application if not completed by Sheila Frye & Associates during pre-screening & pre-qualification. · SETH shall obtain all pertinent information regarding the proposed property, including but not limited to: A. Dates: application, homebuyer education, referral B. Purchase property address with zip code C. Census track number for both current and property addresses D. Sales price as indicated on the sales contract E. Loan amount, interest rate, loan terms, and estimated payment F. Number of bedrooms G. Appraised value, if available H. Lender name, contact, and phone number I. Title company, name, contact, and phone number. S. Income Eligibility Verification: · Using the Section 8 Program and/or HOME definition for annual (gross) income, verify the applicant's anticipated income. Income verification is valid for a six-month period following receipt of information. If the loan is not closed within six months, income must be re-verified. · Applicants who owe debts to the City of La Porte shall be deemed ineligible. 6. Environmental Review: · SETH shall perform an abbreviated environmental review of the property for the following items: . A. Model Energy Code B. Flood Disaster Protection Act C. Runway Clear Zones and Clear Zones D. Coastal Barriers Resources Act 7. Property Appraisal: · An appraisal of the property by a qualified third-party. The appraised property value must be equal to or less than the published FHA 203(b) mortgage limits adjusted for size and type of housing or by the limits imposed by HOME program regulations or Harris County OBED or the City of La Porte. 8. Assistance Determination: · SETH shall review applicant's affordable payment. · SETH shall review estimated amount of down payment and closing costs. · SETH shall determine amount of home buyer program assistance and homebuyer's participation. 9. Inspection: · SETH shall conduct inspection of the proposed property utilizing, at a minimum, the Section 8 HQS Inspection Report form or other standards as requested by the City of La Porte. · Should the property fail inspection; a re-inspection must be made after deficiencies are corrected. 10. Loan Documents: · SETH shall prepare a Deed of Trust and Assignment of Lien, which includes the Loan Recapture Provisions and subordinates to the prime lender. · SETH shall maintain copies of all loan documents in the participant's file. 11. Loan Closing: · SETH shall prepare final determination of down payment and closing costs, including amount of home buyer program assistance and the homebuyer's share. · SETH shall inform all parties of the financial settlement. · SETH shall submit all pertinent information to the City of La Porte as required to prepare the "project set up" and "completion" reports in IDIS and request for funding.