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c. <br />now <br />e. <br />migrant farmworkers, shall be exempt from any <br />employment requirement for participation in the <br />IRCLHAProgram. <br />Asset Verification <br />Total assets (cash or non-cash items that can be <br />converted to cash) of eligible persons applying to <br />purchase a housing unit under, or occupy a housing <br />unit assisted by, the IRCLHAProgram shall not <br />exceed ten thousand dollars ($10,000.00). Assets <br />to be considered will be determined based on <br />guidelines provided by the Florida Housing Finance <br />Corporation (a copy attached as exhibit D). <br />Mortgage Verification <br />The amount of monthly housing expenses paid by <br />eligible persons for owner occupied housing units <br />assisted by the IRCLHAProgram shall be considered <br />affordable as defined in Rule 67-37.002, FAC. <br />Credit Verification <br />1. Credit Requirement for Downpayment/Closing <br />Costs Loans <br />Eligible persons receiving assistance from the <br />IRCLHAProgram shall maintain a valid, satisfactory <br />credit rating for a minimum of one (1) year prior <br />to receiving approval for any IRCLHAProgram <br />application. <br />For applicants applying for both SHIP funds and a <br />loan from a financial institution, the applicable <br />financial institution shall determine whether each <br />applicant's credit is satisfactory based upon the <br />applicable financial institution.'s credit <br />standards. <br />For owner financing loans, county staff will assess <br />each applicant's credit based upon the information <br />provided in a credit report from one of the three <br />national credit reporting agencies. An applicant <br />will be deemed to have satisfactory credit if the <br />applicable credit report shows that, in the <br />previous 12 months, the applicant had: <br />- No more than (4) 30 day late payments <br />- No more than (1) 60 day late payment <br />- No 90 day late payments <br />- No more than 2 collections <br />- No Collection or combination of collections <br />more than $500.00 <br />54 <br />