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M ® M <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 />Judgment liens for medical expenses may be <br />acceptable if a repayment .plan is established and <br />payments have been made for at least the previous <br />12 months. <br />Regardless of an applicant's credit history for the <br />previous 12 months, an applicant's credit will NOT <br />be considered satisfactory if. the applicant's <br />credit history shows: <br />- Any charge offs that were not subsequently <br />paid or discharged in a bankruptcy <br />- Active judgments against the applicant <br />- Repossessions with a remaining balance payable <br />by the applicant <br />- Bankruptcies that have not been fully <br />discharged for two years with no new negative <br />credit history <br />Applicants for rehabilitation loans will be deemed <br />to have satisfactory credit if the applicable <br />credit report shows that there is no active charge <br />off or judgement against the applicant. <br />f. Homebuyer Status <br />Eligible persons utilizing assistance from the <br />IRCLHAProgram to purchase a new or existing housing <br />unit shall not have owned or held title to a <br />housing unit anytime within the three (3) year <br />period prior to receiving any application approval <br />for participation in the IRCLHAProgram. <br />g. Home Inspection <br />For applicants applying for both SHIP funds and a <br />loan from a financial institution, the applicable <br />financial institution shall, based on its appraisal <br />report and/or internal policy, determine what type <br />of home inspection is needed. The financial <br />institution shall arrange for the inspections <br />through their established procedures and shall be <br />responsible for all approval contingencies. <br />For all other applicants, the ® county shall <br />41 <br />53 80,0K 96 FnF 1:48 <br />September 19, 1995 <br />