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<br />( <br /> <br /> <br />II <br /> <br />ELIGffiLE HOME BUYERS <br /> <br />· Displaced homemakers and workers, <br />single parents. renters, or persons who <br />have not owned a home for 3 years. <br /> <br />· <br /> <br />Resided within the Lakewood City <br />limits for at least one year prior to <br />application. <br /> <br />· <br /> <br />Must provide a minimum of 3% of the <br />sale price from their own funds. <br /> <br />· <br /> <br />Must use the property as their principal <br />residence. <br /> <br />· <br /> <br />Must meet credit standards of lender. <br /> <br />· <br /> <br />Must participate in pre-purchase <br />counseling program provided by <br />lender. <br /> <br />Monthly payment of principal, interes~ <br />taxes and insurance should not exceed <br />33% of gross monthly income. <br /> <br />· Must meet federal income <br />requirements for household size. <br />Current annual income is defined in <br />the FedEral Regulations at 24CFR <br />Part 813 <br /> <br />· <br /> <br />Household Size Maximum Income <br /> <br />1 $24,000 <br />2 $27,450 <br />3 $30,900 <br />4 $34,300 <br />5 $37,050 <br />6 $39,800 <br />7 $42,550 <br />8 $45,300 <br /> <br />( <br /> <br />EXHIBIT B <br /> <br />Program Description <br /> <br />HOME PROGRAM <br /> <br />( <br /> <br />i <br /> <br />The Lakewood HOME Program packages of the best mortgage <br />financing available. It provides an affordable monthly payment to <br />Lakewood homebuyers. <br /> <br />II <br /> <br />II <br /> <br />AFFORDABLE FINANCING <br /> <br />· Participating lenders offer*: <br /> <br />30 year loan tenn <br /> <br />fixed interest rate 1f2 % below <br />market rate <br /> <br />first mortgage loans to qualified <br />buyers <br /> <br />· <br /> <br />Appraisal and credit <br />fees are required <br />application. <br />may be required. <br /> <br />bureau report <br />at time of <br />** P,M.L <br /> <br />· <br /> <br />The Lakewood HOME Program <br />offers: <br /> <br />up to $5,000 per household, <br />second mortgage loan <br /> <br />fmancing for acquisition costs <br /> <br />zero percent (0%) interest rate <br /> <br />deferred payment financing' <br /> <br />* Funds are repaid immediately at time <br />of resale, refinance. or if property <br />becomes absentee-owned. <br /> <br />PARTICIPATING LENDING <br />INSTITUTIONS <br /> <br />Society National Bank <br />1435 Warren Road <br />226-0850 <br />and <br />11701 Detroit Avenue <br />228-0011 <br /> <br />II <br /> <br />II <br /> <br />II <br /> <br />ELIGffiLE PROPERTIES <br /> <br />· Single-family, two-family, or <br />condominium properties within the <br />City of Lakewood. <br /> <br />· <br /> <br />Purchase price cannot exceed $99,750 <br />for a single-family; or $112,350 for a <br />two-family property <br /> <br />Must meet Lakewood Building <br />Department Housing Code Standards <br />at time of occupancy. Seller must <br />appiy for City Building Department <br />inspection prior to sale and pay a <br />$25.00 fee, <br /> <br />· <br /> <br />· <br /> <br />Only owner-occupied, vacant units, or <br />those with current tenant ~taying if a <br />two-family house, are eligible <br />properties. There is to be no <br />displacement or relocation of current <br />tenant(s). <br /> <br />II APPLICATION PROCEDURE II <br /> <br />Prospective homebuyers are required to <br />attend an inforrnationalsession to discuss <br />the program requirements and eligibility. <br />This session also includes 1 hour of the pre- <br />purchase counseling program, a mandatory <br />requirement of the Lakewood HOME <br />Program. <br /> <br />Program start date will be announced at this <br />session. Lenders will take applications on a <br />first-come, first~serve basis. <br />