Res95 12396 - Laserfiche WebLink

Browse Search

G. RESIDENCE, INCOME, AND EMPLOYMENT Proof of residence, income and employment sbM1 be by offidal governmental documents such as (1) voter registration, (2) drivels license, (3) current tax returns (previous two years for self employed applicants), (4) rental agreement (5) current pay stubs, (6) utility bills, (7) bank statements for all savings and checking accounts, or any other similar doctunentation as may be required to determine assets. Income may be documented by employee W-2's and tax returns. Two or more forms of verification may be required to establish eligibility. H. INCOME GUIDELINES, AFFORDABILITY CRITERIA & ASSETS Household defined for this program sb~ll mean a single person; or two or more persons sharing residency whose income resources are available to meet the household's needs and who are related by blood, marriage or operation of law, or who give evidence of a stable relationship. Household income, for the purposes of defining eligibility, shall mean the targeted income groups defined by the federal government and adopted by the state based on median income adjusted for family size according to P~rt III, Income Guidelines ~nd Affordability Criteria, incorporated as part of this document. The median income is updated annually. Housing affordability is defined as 30% of household income for households earning 80% and below median, and 35% of household income for households earning 8196 - 120% of median, and shall be the maximum amount to be used by lenders to qualify the borrowers for a first mortgage. Additionally, household income is c~lod~ted using incomes from all household members over the age of 18 who are not full time students, and who are listed for the purpose of qualifying under the household size criteria. All co-borrowers and or co-owners must meet the First Time Home Buyer definition, must occupy the dwelling as their primary residence a full 12 months of each calendar year, and meet the income limit requirements under the definition of household income. At least one borrower in units assisted through the Fks~'l'une Home Buyer Assistance Program must meet the residence and employment requirement as a condition of receiving financial assist~qce. Household income is determined by the U.S. Department of Housing and Urban Development and adopted and published by the State of CMifomia Department of Housing and Community Development (HCD) punamnt to Health and Safety Code Sections 50079.5 and 50105. Accordingly, HCD has filed with the Office of Administrative Law amendments to Section 6932 of Title 25 of the CMii~olllia Code of Regulations. The amendments contain the new HUD income limits and also include new median income group and moderate income group limits, prepared by HCD pursuant to Health and Safety Code Section 50093. Applicants with assets in excess of $50,000, which produces income would be excluded from participation in the Home Buyer Financial Assistance Program.