1999-08-23 Regular Meeting - Laserfiche WebLink

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e e HOME BUYER ELIGIBILITY CRITERIA ~: :~<:\->.' Eligible applicants for the Program must !'leet the following general qualifications: Income Limit. Each families total gross earnings must be equal to or less than 80% of median family income for the area, adjusted for family size, as defined by the most recenOy published HUe Income Limits. The income limits for the Harris County ~rea are as follows: Family Size: Income: 1 30,300 2 . 34,600 3 38.950 4 43,300 Family Size: Income: 5 46,750 6 50,200 7 53,650 8 57,150 SELECTION PROCESS Application and Selection Process. 1. The prospective home buyers will submit a Program Application to Southeast Texas Housing Finance Corporation with a $100 application fee. Applications will be date stamped upon receipt and processed in order of receipt. 2. The Program Administrator will determine the eligibility of the applicant based upon rules and regulations governing HOME programs. Administratively incomplete applications will be rejected if the application is not completed in a timely manner. If the applicant is determined to be ineligible, the Program Administrator will issue a letter of ineligibility. 3. If the applicant is found to be eligible, the Program Administrator will send a Letter of Commitment detailing the necessary information that must be submitted within 30 calender days of the date of the commitment letter. If the applicant cannot complete the necessary steps within the 30 day period, the Commitment of funds will be revoked. A written request may be submitted for an extention period not to exceed 15 calender days. An extension letter will be issued if circumstances justify and if approved by SETH. 4. Prior to the expiration of the commitment period, all of the following must be completed. A. The property site must be approved by the Program administrator. B. The applicant must submit an executed Real Estate Purchase Agreement. C. The applicant must submit a conditional approval from a lender. e. The program administrator must receive third-party verification of all family income. 5. Prior to loan closing, all of the following must be completed. A. The family must succesfully complete a home buyer education course. B. The home must pass Housing Quality Standards (HQS) and all applicable building requirements.