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the housing unit that he will be allowed to submit a contract on (based on his <br /> place in the applicant ranking list) . <br /> 8 . After receipt of notification , potential homebuyers may submit a signed contract <br /> for a NSP CDBG housing unit . An earnest deposit of $ 500 must be submitted to <br /> the County ' s Sub -recipient or the County ' s Developer (as applicable) at time of <br /> submission of the contract . Failure to submit a contract within five calendar days <br /> of the sub -recipient or developer notifying the applicant of his right to submit a <br /> purchase contract may result in the selected property being offered to another <br /> qualified applicant . <br /> 9 . The homebuyer applicant who was first qualified will have the opportunity to <br /> contract for the purchase of the first home on his priority list at the selling price of <br /> the property . The selling price will be the lesser of the appraised value or the <br /> amount of NSP fiends invested in the acquisition and rehabilitation of the <br /> property . <br /> 10 . The homebuyer applicant who qualified next will be given the option of <br /> contracting for the first property on his priority list, and this process will continue <br /> until all homebuyer applicants have had the option of contracting for a property or <br /> all of the properties have been placed under contract . <br /> 11 . If a homebuyer applicant ' s first priority property has been contracted for, he can <br /> proceed with contracting for the next available property on his priority list or he <br /> can enter into a back-up contract on a property in the event the initial contract <br /> does not proceed to closing . <br /> 12 . At the end of the process described above , any remaining NSP resale properties <br /> will be made available to homebuyer applicants as the potential homebuyers are <br /> qualified for the NSP . <br /> For properties acquired with NSP funds and sold to a qualifying household, the buyer <br /> household will obtain a principal mortgage from a financial institution, while the local <br /> government will provide the purchasing household with a second mortgage . The second <br /> mortgage will be for an amount that reflects the difference between the purchase price <br /> and the principal mortgage amount . The second mortgage will be a zero interest, <br /> deferred payment loan for an unlimited term and shall be due and payable on sale or <br /> transfer of the property . The Second mortgage will be limited to the following : <br /> ® An amount not to exceed one half of the down payment required by the <br /> conventional first mortgage lender or one and three quarters percent ( 1 . 75 % ) <br /> of the sales price of the property , whichever is less . <br /> ® An amount not to exceed six percent ( 6 % ) of the sales price of the property <br /> for closing cost assistance . This closing cost assistance may be used to pay <br /> the buyer ' s recording fees , intangible taxes , stamps on the note , mortgage <br /> title insurance , wood destroying organism inspections , appraisal fees , <br /> property survey fees , credit reports , lender ' s document preparation fees , <br /> underwriting fees , closing attorney ' s settlement fees , buyer ' s courier fees , <br /> prepaid property taxes , prepaid homeowner ' s insurance , prepaid flood <br /> insurance , and any other fees included on the Department of Housing and <br /> 12 <br />