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Regardless of an applicant's credit history for the previous <br />12 months, an applicant's credit will NOT be considered <br />satisfactory if the applicant's credit history shows: <br />- Any charge offs that were not subsequently paid or <br />discharged in a bankruptcy <br />- Active judgments against the applicant <br />- Repossessions with a remaining balance payable. by the <br />applicant <br />- Bankruptcies that have not been fully discharged for <br />two years with no new negative credit history <br />2. Credit Requirement for Rehabilitation and Impact Fee <br />Loans <br />Applicants for rehabilitation and impact fee loans will be <br />deemed to have satisfactory credit if the applicable credit <br />report shows that there is no active charge off or judgment <br />against the applicant. <br />For rehabilitation loans or grants to very low and low income <br />households in the Gifford Front Porch Community or to low or <br />very low income households using SHIP funds as match for CDBG <br />funds, Residential Construction Mitigation Program (RCMP) <br />funds, or other state and federal rehabilitation funding, no <br />credit requirements shall apply. <br />3. Credit Requirements for Rehabilitation and Impact Fee <br />Grants <br />No credit requirements shall apply to rehabilitation or <br />impact fee/capacity charge grants. <br />e. Homebuyer Status <br />Eligible persons utilizing assistance from the IRCLHAProgram to <br />purchase a new or existing housing unit shall not have owned or held <br />title to a housing unit anytime within the three (3) year period <br />prior to receiving any application approval for participation in the <br />IRCLHAProgram. <br />f. Home Inspection <br />For applicants applying for both SHIP funds and a loan from a <br />financial institution, the applicable financial institution shall, <br />based on its appraisal report and/or internal policy, determine what <br />type of home inspection is needed. The financial institution shall <br />arrange for the inspections through their established procedures and <br />shall be responsible for all approval contingencies. <br />For owner financed loans, the county shall require a termite <br />inspection for all existing housing units to be purchased with SHIP <br />funds. The county shall also require the following inspections for <br />all existing units five years or older to be purchased with SHIP <br />funds: <br />- Roof <br />- Plumbing system <br />- Electrical system <br />- Heating and Air conditioning system <br />All county required inspections must be performed by public service <br />licensed inspectors; registered or certified residential, building, <br />or general contractors; or licensed trade contractors as <br />appropriate. Home inspection reports requested by the county shall <br />be reviewed by the county's building officials to determine the <br />condition of the home. <br />34 <br />