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Exhibit I <br />Purchase assistance with rehabilitation loans is deferred payment 20 -year loans for the <br />purchase assistance portion and deferred payment 10 -year loans for the rehabilitation <br />portion, both secured by a mortgage and note whereby repayment of the entire loan amount <br />occurs at the time that the eligible housing unit is sold, refinanced with cash out, or <br />occupied by someone other than the original loan recipient. There will be a 0% simple <br />annual interest rate for Purchase Assistance with Rehabilitation loans. After 20 years for <br />purchase assistance and after 10 years for rehabilitation assistance; the original loan <br />amount will be forgiven. Eligible persons may repay the entire amount of the loan at any <br />time. In the event of the death of the homeowner, an income -eligible heir may assume the <br />county SHIP loan as long as the home is utilized as the household's homesteaded property. <br />f. Recipient Selection Criteria: <br />Eligible applicants will be approved for assistance on a first qualified first served basis as <br />may be adjusted per the LHAP based on ranking priorities, subject to funding availability. <br />Applicants will have the following verified to confirm eligibility and for record <br />management and reporting: <br />i. Income; <br />ii. Employment; <br />iii. Assets; <br />iv. First time Homebuyer Status; <br />V. Credit Verification and/or approval from the financial institution that is <br />granting the first mortgage; <br />vi. Approval of first mortgage from a financial institution; <br />vii. Attendance and completion of County's Homebuyer's Educational Workshop <br />(receiving the Homebuyer's Educational Workshop Certificate). In addition, <br />applicants that do not get loans through Habitat for Humanity will be required <br />to complete a self -paced Homebuyer Education training, HomeView, through <br />Fannie Mae at bqs://www.fanniemae.com/education ;and <br />viii. Disability Status. <br />g. Sponsor Selection Criteria: <br />N/A <br />h. Additional Information: <br />i. Geographic Area <br />Purchase assistance with rehabilitation loans may be made anywhere in the <br />- 9 - <br />184 <br />