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REV: 08-23-24 LF <br />Program Reports <br />1. Subrecipient is responsible for program reporting to City as described in Section 7 of this <br />Agreement. <br /> Underwriting Guidelines and Loan Terms <br />Underwriting Guidelines for Home Rehabilitation Forgivable Loans <br />Owner Occupancy Residence must be owner-occupied with the intent to occupy the <br />home as their principal place of residence <br />Income Eligibility Not to exceed low-income or moderate-income limit (following CDBG <br />requirements for household income) appropriate for household size <br />Assets Applicants who have liquid assets that exceed $150,000 will have <br />one percent (1%) of their total assets exceeding $150,000 added <br />towards their household income <br />Credit No requirement for credit score <br />No requirement for open trade lines on credit report <br />Collections not considered for credit review <br />No delinquencies on federal debt <br />No open judgments <br />Must be up to date on mortgage payments <br />No foreclosures or deeds-in-lieu of foreclosure within the previous <br />three (3) years <br />*exception may be granted if foreclosure on main house was due to <br />extenuating circumstances and if household has established good <br />credit by at least two (2) Trade Lines which have been open <br />for a minimum of twelve (12) months <br />Loan-to-Value The ratio of the proposed Loan and all other outstanding <br />indebtedness secured by the Home to the Appraised Value of the <br />Home cannot exceed 105% of the after-rehabilitated value <br />Home Rehabilitation Program Forgivable Loan Terms <br />Term Five (5) years; forgivable at 20% per year <br />Interest 0% <br />Transferability To domestic partner, spouse, child, or <br />designated heir <br />Loan Amount (minimum/maximum)$20,000 to $75,000 <br />ATTY/AGR.2024.147/Habitat for Humanity Greater San Francisco Bay Area (Habitat for Humanity - Home Rehabilitation Program) (Page 24 of 24)