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- 801E IRSPECTIOR <br />- NO SPECIFIC . <br />TERMITE INSPECTION FOR ALL <br />raw <br />EXISTING HOUSriQG UNITS <br />• ROOF, PLUMBING, ELECTRICAL, AND <br />SEATING AND AIR CONDITIONING <br />INSPECTIONS FOR ALL EXISTING <br />UNITS FIVE YEARS OR OLDER <br />VLI - Very Low Income <br />LI - Low Income <br />MI - Moderate Income <br />February 27, 1995 <br />Eligible persons receiving assistance from the IRCLHAProgram shall <br />maintain a valid, satisfactory credit rating for a minimum of one <br />(1) year prior to receiving approval for any. IRCLHAProgram <br />application. <br />For applicants, applying for both SHIP funds and a loan from a <br />financial institution, the applicable financial institution shall <br />determine whether each applicant's credit is satisfactory based <br />upon the applicable financial institution's credit standards. For <br />all other applicants except applicants for rehabilitation loans, <br />county staff will assess each applicant's credit based upon the <br />information provided in a credit report from one of the three <br />national credit reporting agencies. An applicant will be deemed to <br />have satisfactory credit if the applicable credit report shows <br />that, in the previous 12 months, the applicant had: <br />- No more than (4) 30 day late <br />- No more than (1) 60 day late <br />- No 90 day late payments <br />- No more than 2 collections <br />- No Collection or combination <br />payments <br />payment <br />of collections more than $500.00 <br />Judgment liens for medical expenses may be acceptable if a <br />repayment plan is established and payments have been made for at <br />least the previous 12 months. <br />Regardless of an applicant's credit history for the previous 12 <br />months, an applicant's credit will NOT be considered satisfactory <br />if the applicant's credit history shows: <br />Any charge offs that were not subsequently paid or discharged <br />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 two years <br />with no new negative credit history <br />Applicants for rehabilitation loans will be deemed to have <br />satisfactory credit if the applicable credit report shows that <br />there is no active charge off or judgement against the applicant. <br />Baof4 9' . <br />FEBRUARY 28, 1995 49 <br />