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C When the lende- issues a final approval and forwards to Subrecipient a full application pack --;e, Subrecipient wilt verify eligibility for assistance and notify the applicant anc lender of eligibility by registered letter or personal delivery. Incomplete appli;ztions will be returnei to the lender without being processed. Eligible applicants must meet the following requirements: 1. Purchasers may be a "First Time Homebuyer" or any income -eligible house old not currently ow-ing a home. 2. Purchaser's total gross household income cannot exceed 80 % of the area median income adjus:_d for family size, as determined by the U.S. Department of Housing and Urban Development. :. Purchasers must agree to maintain the home as their principle place of resideyce for the full applicable period of affordability, 24 C.F.R. § 92. 254(a'.4.4). Purchasers must provide evidence of successful completion of a home,-uyer education and :ounseling course from a HUD approved counseling agency or OHED approved. . Purchasers may not have assets (cash) in the amount that is sufficient to coxrr the required downFavment and closing cost assistance. 6. Purchasers must secure a first lien mortgage from any participating mortgage lender. Purchaser's total monthly mortgage payments must receive approval through the 1) Fannie Ma_ Desktop Underwriter 0, Fannie Mae's auton -ted underwriting sys:em for mortgage lenders or 2) through the Mortg_ve Company's usual methodology. Eligible :)ropertie: must: 1. Be ;coated %%-::hin the City of La Pcne's older neighborhoods, specifically the Lora' -side nei_zborhood. The :)ropertie: are the 11 newly constructed single-family dwelling unit within the Citi• of _a Porte's older ne:shborhoods, specifically the Northside neig.-borhooc. 3. The maximur- purchase price cannot be valued at more than 95% of the most curr:at area n-=dian purchase price as specified in the Single Family Mortgage Lim::s under Section 203(b) of the National Housing Act, published by the U.S. Depar rtnt of Housing and Urban Development (HUD) for the HOME