2006.03.20 EDA Packet - Laserfiche WebLink

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the worksheet to indicate that down payment assistance funds in the amount indicated on the worksheet have been reserved for that borrower, and return the signed worksheet to the lender. The lender must demonstrate or otherwise certify that the borrower is paying at least 30% of income for PITI. The Household Income Worksheet has been provided and must accompany the request to reserve FirstHOME funds. 3. Two weeks prior to the closing date, the lender will send all necessary documentation required by the HOME Program to the FirstHOME Administrator. Upon receipt of the required documents, Washington County will prepare a check in the amount approved on the Downpayment Assistance Request Form. Lenders should note FirstHOME Administrator must receive the completed Claim Form (Exhibit F) in order to initiate the financing process. Lenders should allow at least ten days from receipt of the Claim Form to process a check. 4. The lender shall provide the down payment assistance check at closing and will be responsible for having the borrower(s) sign the Second Mortgage and Note at that time. 5. Following the closing, the lender will be responsible for forwarding one copy of the Second Mortgage and the original Note to the FirstHOME Administrator. The lender is responsible for recording the Second Mortgage with the Washington County Recorder's Office and forwarding the recorded document to the FirstHOME Administrator. SECTION V RESALE OF PROPERTY PURCHASED WITH HOME OR CDBG PROGRAM FUNDS At such time as the borrower(s) wishes to resell the home purchased with Washington County FirstHOME Program funds, it is required that the down payment assistance funds provided to the borrower(s) be repaid in full to the FirstHOME Administrator. 36