Res 2009-074 - Laserfiche WebLink

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• Agreements or Contracts for Sale are not eligible for assistance. 6. APPLICANT RESPONSIBILITIES A. The applicant is responsible for providing all information that is necessary for the City to verify his or her program eligibility, including: • Documentation to allow the City to verify income for all adults 18 and older who will reside in the household. This documentation includes bank statements, check stubs, and the two prior year's income tax forms. Additional employment verification forms may also be needed. • Documentation of the value of liquid assets and real property owned by the applicants (if any). • A driver's license or other photo identification. • Proof of citizenship or legal residency. B. The applicant will obtain a pre-approval letter from the lender of his or her choice. C. The applicant will attend a homebuyer's education program approved by the City and provide evidence of completion of the program. D. The applicant must provide a copy of the Notice to Real Property Owner/Seller form • (provided by the City) to the seller prior to making an offer on a home. The signed form must be returned to the City for inclusion in the applicant's file prior to loan closing. E. The applicant must also provide the City with a signed copy of a Seller Certification of Purchase form. The form documents that no tenants are being displaced by the sale of this property. F. The applicant will coordinate with the seller to allow the City to have access to the home so that a HQS inspection can be performed. G. By accepting a loan through the FTH program, the applicant agrees to: • occupy the home as the applicant's principal residence for the entire 5-year affordability period; • maintain the use of the home as a residence in compliance with the City's zoning standards as contained in the Land Development Code; • keep the property in good repair and condition, free from gang or drug- related activities or from other criminal activity or public nuisance; • secure and maintain home hazard insurance in an amount sufficient to cover the fair market value of the home during the entire affordability period. Flood insurance may also be required. • 7. LENDER / FIRST LIEN MORTGAGE REQUIREMENTS 4/09 Revised First-Time Homebuyer's Program Page 5