2006.03.20 EDA Packet - Laserfiche WebLink

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5. Mortgage Qualification The borrower(s) must be able to qualify for a VA, FHA, or Fannie Mae approved conventional mortgage as determined by the participating private lender or must meet the requirements of locally approved initiatives designed to meet affordable housing needs in Washington County. 6. Asset Limitations Borrowers using the Washington County FirstHOME Buyer Assistance Program may have no more than $5,000 in liquid assets after closing the FirstHOME loan. IRAs, 401 Ks and other tax sheltered retirement accounts do not have to be considered in calculating maximum assets. 7. Property Eligibility The property being purchased must located in an eligible Washington County community and must be the principal place of residence of the borrower(s). Eligible communities include: Afton, Bayport, Baytown Township, Birchwood, Cottage Grove, Forest Lake, Grant, Hugo, Lake Elmo, Lake St. Croix Beach, Lakeland, Lakeland Shores, Landfall, Mahtomedi, May Township, New Scandia Township, Newport, Oak Park Heights, Oakdale, Pine Springs, St. Mary's Point, St. Paul Park, Stillwater, Stillwater Township, West Lakeland Township, Willernie, and Woodbury. Ineligible communities include Dellwood, Denmark Township, Grey Island Township, and Marine on St. Croix. Properties must minimally meet Housing Quality Standards (Exhibit G) and must comply with federal lead-based paint and asbestos regulations. Eligible properties include single family homes, condominiums, townhouses, land trust property where there is a 99-year leasehold interest in the property, and manufactured housing if it meets the following criteria: Manufactured housing qualifies only if the unit is situated on a permanent foundation, is connected to permanent utility hook-ups, is located on land that is held in a fee-simple title, land trust, or long-term ground lease with a term at least equal to that of the appropriate affordability period. Properties must meet construction standards that are established under 24 CFR 3280 if produced after June 15, 1976. If the unit was built prior to June 15, 1976, it must comply with applicable State or local codes A multi-unit, owner-occupied property is not an eligible property. Downpayment assistance will not be provided for the purchase of a property that is primarily occupied by tenants. The specifics of the above qualifications will undoubtedly change over time and are regulated by state and federal law. The borrower(s) must abide by those requirements in place at the time he/she chooses to participate in the first time homebuyer program. 33