O-2002-2599 - Laserfiche WebLink

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The total project cost for downpayment and closing cost is $243,600.00; the total project including acquisition of vacant lots for the construction of eleven affordable single-family houses and downpayment and closing cost assistance is $1,254,050.00. Subrecipient does not make first lien mortgage loans; however, Subrecipient will provide a full service homebuyer downpayment and closing cost assistance program that includes counseling homebuyers to assist them in purchasing a home and assisting them with downpayment, closing costs, or prepaids based upon need. This program also provides education classes on "How To Purchase A Home" for potential low-income homebuyers and mortgage assistance will be provided through a contract and working relationship with Washington Mutual Bank who has experience in the affordable housing market. This will serve the OHED jurisdiction and will enable subrecipient to deliver a program to low and very -low income residents of the County. Subrecipient will provide up to $22,145.45 in direct financial assistance to eligible program participants to be used for down payment assistance, closing cost assistance, pre paid and inspections. Subrecipient will provide the following administrative services: determine eligibility, verify income, determine site eligibility, determine property condition, provide financial assistance, maintain program records and provide eligible applicants access to mortgage lenders utilizing Conventional, FHA, VA, and Portfolio mortgage products. Subrecipient will accept counseling certificates only from HUD approved counseling agencies. Subrecipient shall provide or shall arrange for delivery of homebuyer education at no cost to the prospective homebuver, and shall provide a list of eligible counseling agencies in the application packet to interested homebuyers, all provided as a part of the services contracted for herein; however, prospective homebuyers may take the required course from any other eligible counseling agency of prospective homebuyer's choice, but in such case, prospective homebuyer shall bear all cost. The mortgage lender will submit a Letter of Intent to Process Loan, Good Faith Estimate and 1003 Uniform Residential Loan Application to Subrecipient. .-applications will be processed on a first-come, first-served basis. Subrecipient will determine the eligibility of the applicant based upon the Letter of Intent to Process Loan, Good Faith Estimate and 1003 application pursuant to the regulations governing the HOME program. In the event that the prospective homebuyer is deemed ineliuible the Subrecipient will inform the prospective homebuyer of the decision by registered letter or personal delivery.