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I . Disclosures at Time of Application <br /> Unless an Applicant is disqualified during the intake interview, he or she will be given <br /> hard copies of preliminary disclosure documents that provide the following : <br /> 1 . An explanation of the NSP3 program in general terms and its benefits to <br /> buyers and the community . <br /> 2 . The general locations and price ranges of NSP3 Homes that may be <br /> available for Buyers to purchase , and a estimate of typical buyer- paid closing costs . <br /> 3 . The NSP3 application approval criteria . <br /> 4 . Waiting list policies . <br /> 5 . The requirement for attending pre - purchase counseling ( if approved ) . <br /> 6 . Applicant' s household size and estimate of monthly income, with a <br /> statement that the income amount must be verified prior to the Applicant being <br /> approved for NSP3 assistance . <br /> 7 . An estimate of the amount ( or range of amounts ) and terms of <br /> Homeowner Financial Assistance that Applicant may qualify for, based on an analysis of <br /> Applicant' s financial and other data provided . <br /> 8 . A general description of an NSP3 buyer' s obligations for repayment of <br /> subsidies, and resale controls on homes sold ( if any ) . <br /> During the intake interview or subsequent face -to -face meeting, a representative <br /> of the developer will review these disclosures with the Applicant and be available to <br /> answer questions about him . No application may be approved unless disclosures have <br /> been made as required . <br /> 1 . Notification of Approval or Denial <br /> Upon completion of the tasks described above, Developer will inform buyers in writing <br /> of their eligibility or ineligibility for NSP3 assistance, conditional upon completing <br /> homebuyer education and training, signing a purchase agreement for an NSP3 home , <br /> obtaining first mortgage financing, and providing the required minimum down payment <br /> amount . The written notification will include the amount — or range of amounts — of <br /> NSP3 financial assistance that buyers qualify for and preliminary disclosures of the terms <br /> of that financial assistance . <br /> 18 <br />