2013-162 - Laserfiche WebLink

Home Browse Search

Assistance that Buyer will be provided if the sale is completed . The commitment letter is intended, in part, to aid Buyer in obtaining a first mortgage loan . If an Applicant has not met all of the requirements for purchase, the commitment letter should be conditional upon meeting such requirements . The commitment letter will also be conditional upon no substantial changes occurring in the NSP3 Buyer' s employment or financial status at the time of closing. C . Disclosure Statement Prior to executing a sales agreement, Developer will provide the NSP3 Buyer with a second disclosure statement . ( See Section XI . I regarding the first disclosure statement . ) The second disclosure statement will reiterate the requirement for Buyer to attend pre- purchase counseling, with a check- off indicating whether Developer has a certificate of completion on file ( if applicable ) . The statement will also describe the availability and terms of Homeowner Financial Assistance, obligations for repayment of subsidies, and resale controls on homes sold ( if any) . During the intake interview or subsequent face- to-face meeting, a representative of the developer will review these disclosures with the Applicant and be available to answer questions about them . No application may be approved unless disclosures are made as required . XV . Home Sale Closing Requirements A . Originating the Subsidy Recapture Lien Documents The amount of Homeowner Financial Assistance provided to a Buyer for Gap Financing and dowpavment/closing cost assistance will be secured by a promissory note and mortgage with Grantee named as lien holder at 0% interest . All payments of principal will be deferred until buyer sells the home, transfers it, or violates the terms of the lien . This mortgage shall be forgiven only after 15 years if the home is not sold or transferred to a new owner . At least seven working days prior to each closing of an NSP3 Home sale, Developer will prepare and forward to Grantee a promissory note, mortgage deed ( or deed of trust ) , and accompanying disclosure statement, allowing three working days for Grantee to review the document and transmit it to Developer' s attorney or other representative . Developer will use forms approved by Grantee . Grantee will review and approve the language and numbers inserted in the forms . The amount of the lien will be the amount of Gap Financing and dowpavment/closing cost assistance providedto homebuyer. Be 1St Mortgage Assignment and Sale and Servicing Agreement At least seven working days prior to each closing of an NSP3 Home sale, Developer will prepare and forward to Grantee a proposed 1St mortgage assignment of loan , a proposed loan sale and servicing agreement, and related attachments, allowing three working days for Grantee to review the documents and transmit them to Developer' s 21