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completed for a prospective buyer referred by such agency, Developer will obtain <br /> documentation that the tasks were properly completed . Developer must keep documents on <br /> file and transmit copies to Grantee prior to entering into a home sales contract with a Buyer . <br /> A . General Criteria for Applicant Participation In NSP3 <br /> To be eligible to participate in the N5133, applicants must meet the following general <br /> criteria . <br /> 1 . Applicant' s total household income must not exceed 120% of Area Median <br /> Income (AMI ) ; <br /> 2 . Applicant may not have assets that exceed $ 20, 000; <br /> 3 . Prospective home must be applicant' s primary residence ( Homestead property) ; <br /> and <br /> 4 . Applicant must obtain a fixed rate First Mortgage from a financial institution or <br /> Developer . No sub- prime products or adjustable rate mortgages are allowed . <br /> 5 . Applicant' s housing cost to income ratio (front-end - ratio ) shall be <br /> between 19% and 35%; <br /> 6 . Applicant' s total debt to income ratio ( back-end ratio ) shall not exceed 45 % . <br /> Ratios must be calculated based on the 1st mortgage amount only ( see section E . <br /> below), since the county' s mortgage is a soft second , with no monthly payments <br /> and forgiveness in 15 years ( see section G . below) . <br /> 7 . The household ' s total gross income shall be used to calculate the maximum 1St <br /> mortgage loan amount described in section E . below (gross income of all <br /> household members 18 years and older ) . <br /> B . Application for NSP3 Assistance <br /> Before a prospective buyer is referred to counseling or to execute a sales agreement for <br /> an NSP3- assisted property, the buyer must complete and submit a complete Application <br /> for NS133 Assistance attached as Appendix C ( or current version of application as may be <br /> updated by Grantee ) .The information obtained in the application will be used - along <br /> with verificationsm-to determine a buyer' s eligibility to purchase an NSP3 home and to <br /> receive NSP3 Homeowner Financial Assistance . While paper forms may be filled out in <br /> advance by Applicants, the application will be completed in a face-to-face meeting with <br /> a qualified representative of Developer. <br /> C . Evidence of Employment, Residence, Income and Assets <br /> 16 <br />