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Assets to be considered will be determined based on guidelines provided by the Florida Housing Finance Corporation (a copy attached as exhibit G). d. Credit Verification 1. Credit Requirement for Purchase Assistance Loans For applicants applying for both SHIP funds and a loan from a financial institution, the applicable financial institution shall determine whether each applicant's credit is satisfactory based upon the applicable financial institution's credit standards. 2. Credit Requirement for Rehabilitation and Impact Fee Loans Applicants for rehabilitation and impact fee loans will be deemed to have satisfactory credit if the applicable credit report shows that there is no active charge off, lien, or judgment against the applicant or applicant's property. For rehabilitation loans to very low and low income households using SHIP funds as match for CDBG funds, Residential Construction Mitigation Program (RCMP) funds, or other state and federal rehabilitation funding, no credit requirements shall apply. e. First -Time Homebuyer Status A first-time homebuyer is an individual who meets any of the following criteria: • An individual who has had no ownership in a principal residence during the 3 - year period ending on the date of purchase of the property. This include a spouse (if either meets the above test, they are considered first-time homebuyers). • A single parent who has only owned with a former spouse while married. • An individual who is a displaced homemaker and has only owned with a spouse. • An individual who has only owned a principal residence no permanently affixed to a permanent foundation in accordance with applicable regulations. • An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. f. Home Inspection For applicants applying for both SHIP funds and a loan from a financial institution, 11 Commented tRD1]:. Not the same as definitions under other programs.