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<br />11)2-4 <br />1) <br /> <br />2) <br /> <br />3) <br /> <br />Preliminary personal resource analysis - this analysis enables the household to assess their <br />current position and their objectives and to start building a realistic economic plan to become a <br />homeowner. Special attention is provided to personal financial planning and personal objectives. <br />Much time is spent in reviewing credit and establishing budgeting and savings objectives. <br />Setting up a purchase plan - upon conducting a personal analysis. FHI can evaluate how and <br />when the household will be ready to purchase a property. If necessary, the household is provided <br />with a realistic credit repair or debt reduction plan and/or a savings plan to better prepare them for <br />the purchase. <br />Focused education on the homebuying process - FHI provides a great amount of attention in <br />further educating the prospective homeowner on every step that needs to be taken in the <br />purchase process. Special attention is given to specific first time homebuyer programs such as <br />the RCFTHB down payment assistance and MCC program (when and if applicable). <br /> <br />FHI has found that additional counseling helps assure the successful smoother execution of the purchase <br />process and further diminishes the chances of default. Households who have gone through both the <br />education and counseling curriculum are truly ready to take on the responsibilities of homeownership. <br /> <br />PROGRAM PROCESSING (First Loan Related) <br /> <br />Program counseling also initiates the program processing procedure. More specifically FHI will provide <br />the following processing services: <br /> <br />w <br /> <br />Directly fill out or assist in filling out all requisite program related and lender applications - <br />including when necessary the Mortgage Credit Certificate (MCC) application. <br />Obtain credit reports and provide credit counseling as required. <br />Review all of the loan package to make certain tpat the borrower meets all program guidelines. <br />Interact with the first lender and client to clarify issues and finalize the review and submission of <br />the application and other requisite loan information. <br />Consult with lender and participant on steps required to take to further advance the program <br />approval procedure. <br />Loan approval which will include the communication of approval or denial to the prospective <br />borrower/buyer. <br />Review all documents as related to the real estate purchase, including the appraisal, title report, <br />and real estate purchase contract. <br />Each program loan will be approved by the Redevelopment Agency staff prior to any commitment <br />being made. <br /> <br />w <br />m <br />w <br /> <br />w <br /> <br />ill <br /> <br />w <br /> <br />m <br /> <br />RCFTHB DOCUMENT UNDERWRITING AND CLOSING PROCEDURES <br /> <br />Upon obtaining approval for the borrower, FHI will do the following. <br /> <br />Draft all appropriate program documents as related to the RCFTHB, including the promissory <br />note and deed of trust and request for notice of default. <br />Delivery of appropriate documents and instructions to escrow. <br />W Delivery of appropriate documents to the Redwood City including the original <br />borrowers affidavit. <br /> <br />w <br /> <br />copies of the <br /> <br />PROGRAM PROMOTION <br /> <br />Direct Advertising and Solicitation <br /> <br />Page 3 <br />