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Developer will require Applicants to bring this evidence to the intake and application interview in order to make an initial determination of eligibility. D . Credit Report During the intake interview, Developer will obtain , with the Applicant' s written permission, a credit report that includes a credit score . Developer will review the report with Applicant and explain any positive or negative data with regard to qualifying for purchase of an NSP3 home . E . Provision of First Mortgage Loan Grantee acknowledges that either Developer or a financial institution will provide 1St Mortgage financing for NSP3 homebuyers . That financing shall be a standard loan amortized up to a thirty ( 30) year period that does not constitute a sub - prime mortgage . Developer and/or financial institution shall prepare a 1St Mortgage pre-approval letter listing the maximum 1St mortgage amount that Developer and/or financial institution will loan to applicant . A copy of that letter shall be supplied to Grantee . If Developer is unable to finance the homebuyer' s 1St mortgage due to insufficient funds available to Developer, and if there are no financial institutions available to provide 1St mortgage financing following NSP and Developer guidelines, Grantee may allow NSP3 funds already invested in a property to be used by Developer to loan to the homebuyer for a first mortgage . In such case, Developer shall assign mortgage to Grantee at no cost . As part of the assignment of the mortgage, a separate mortgage/loan sale and servicing agreement shall be executed which commits Developer to service all aspects of said mortgage at terms acceptable to Grantee . Neither the assignment of mortgage nor the loan sale and servicing agreement shall alter Developer' s underwriting guidelines used for the homebuyer' s first mortgage . On a monthly basis, Developer shall pay mortgage payments owed to Grantee . Developer may buy back the mortgage from Grantee with no penalties . Penalties may be imposed for late payments . F . Certifying the Incomes Eligibility of Prospective Buyers Developer will verify and certify the income- eligibility of prospective buyers . Required documentation ( copies of driver' s licenses, paystubs, etc . ) will be kept in Developer' s files and copies sent to Grantee . The income certification may be no more than six months old at the time that the buyer and Developer enter into a purchase agreement . If older, the buyer must be recertified . An Applicant whose application fails to meet the NSP3 eligibility requirements will be given a written notice of denial as described in Section H , below . G . NSP3 Homeowner Financial Contribution For properties acquired with NSP3 funds and sold to a qualifying household , the buyer household must contribute the following minimum buyer contribution towards the purchase of the home . 17