3/2 HOMEBUYERS MORTGAGE ASSISTANCE PROGRAMS

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1 3/2 HOMEBUYERS MORTGAGE ASSISTANCE PROGRAMS PROGRAM OVERVIEW The City of York and the County of York are operating a first time homebuyer program in cooperation with the Realtors Association of York & Adams Counties (RAYAC), the Housing Council of York (HCY) and Affordable Housing Endeavors. The program is designed to utilize a wide array of flexible mortgage products offered by the secondary mortgage market, the Rural Housing Services, the Veterans' Administration, the Federal Housing Administration, the Pennsylvania Housing Finance Agency, York Habitat For Humanity, and individual mortgage lenders to fund first mortgages on properties being purchased by families and individuals with modest incomes. NOTE: The 3/2 Assistance Program will only be used in conjunction with A paper, government backed mortgage products or with mortgages granted through the USDA and Habitat for Humanity. All participating lenders are required to have a contractual agreement with AHE, Inc. CITY OF YORK/COUNTY OF YORK HOMEBUYER PROGRAMS The City of York and the County of York will be using funds from the U.S. Department of Housing and Urban Development and/or other resources to provide secondary financing for low/moderate income buyers whose incomes do not exceed the limits on the following chart: CITY AND COUNTY 3/2 INCOME GUIDELINES # of Persons per Household Maximum Income* $34,350 $39,250 $44,150 $49,050 $52,950 $56,900 $60,800 $64,750 *Subject to lender approval. In this program, the County will provide 2% towards down payment and up to 6% of the sales price towards closing costs. The buyer must invest at least 3%, or $1000, whichever is greater, towards down payment and/or closing costs. The full contribution must either be the buyer s own funds or the buyer may have one half of the contribution in the form of an unsecured gift subject to lender approval. Additional unsecured funds may be gifted to the borrower to write down mortgage principal subject to lender approval. The total County contribution will, however, not exceed $5000 per eligible household. 2% must go to down payment. The City will provide 2% of the property sales price towards the down payment and closing costs on the following scale: Property Sales Price Maximum City Closing Costs Allowed less than $40,000 up to 8% of sales price $40,001 - $60,000 up to 7% of sales price $60,001 and up to 6% of sales price The City will not cap the amount of assis tance provided. Buyers must contribute 3% of the sale price or $1000, whichever is greater, of their own funds toward down payment and/or closing costs. The full contribution must either be the buyer s own funds or the buyer may have one half of the contribution in the form of an unsecured gift subject to lender approval. Additional unsecured funds may be gifted to the borrower to write down mortgage principal subject to lender approval Note: The above Buyer s contribution policies do not apply to households obtaining subsidized financing through York Habitat for Humanity, or Rural Housing Services. 1

2 Neither the City nor the County will provide funding to cover more than 3 points on any loan. The City and the County will recognize the cost of an independent whole house inspection as an eligible closing cost. RECAPTURE PROVISIONS I. Funds provided by the City and County will be subject to recapture under the following conditions: A. Within the first five years following the date of settlement, the amount of the City and County s assistance shall be repayable in full, less 20% forgiveness per year that the buyer has lived in the property, upon occurrence of one or more of the following: 1. Sale or transfer of the Real Property, except for transfers between husband and wife; 2. Borrower ceases to occupy the Real Property as Borrower s primary residence; 3. Borrower refinances their mortgage obligation on the Real Property (some exceptions allowed, contact HCY for details); and 4. Borrower defaults under either the terms of this Note or the terms of other mortgage obligations of Borrower secured against the Real Property. 5. If buyer defaults (sells or moves out of a property in the City) before the five years has elapsed, the percentage due is prorated from the date of the original settlement to the same date of the month of sale. The dollar amount is divided by sixty (60) months in order to calculate the amount per month, and the monthly amount is then multiplied by the number of months elapsed to determine the amount of Forgiveness by the Obligee to the Obligor. The difference between the original amount of the loan and the amount of the Forgiveness is the amount to be repaid by the Obligor to the Obligee. II. The City and the County will continue to offer 5-year forgivable loans at a forgiveness rate of 20% per year. (In all cases where the borrower has submitted incomplete, false or misleading information in connection with the Buyer s application for City/County assistance, all City/County funds shall be subject to repayment.) SECURITY FOR CITY/COUNTY LOANS I. City and County funding for these programs will be secured by second mortgages against the property. These mortgages will be provided at 0% interest with no monthly payments required. The City and the County will agree to take third mortgagee position in situations where the borrower is accessing funds from the Federal Home Loan Bank s Affordable Housing Program or similar government/non-profit type programs to write down loan principal. The City and County will not subordinate their lien position if the buyer seeks to refinance the property (except under certain conditions-contact HCY for details ext. 129). OTHER CITY OF YORK/COUNTY OF YORK REQUIREMENTS It should be noted that the City/County underwriting is somewhat different than that being offered by the lenders. These variations are as follows: I. The method for determining income for participation in the City/County Programs is significantly different than that used by lenders. (i.e.: income includes, but is not limited to overtime, bonuses, tips, earnings on investments, including assets disposed of for less than market value during the two years preceding application). If the buyer(s) has disposed of any assets within the last 24 months, it will be counted as income. Each applicant must certify whether an asset has been disposed of for less than fair market value. Income is calculated by projecting income for the 12-month period following the date of application for assistance. In addition, income of all persons intending to reside in the home must be included. Note: If a borrower is married but separated, the spouse s income may be excluded if the separation can be clearly documented by providing evidence of filing for divorce, a spousal support order or other convincing evidence that the borrower has maintained a separate residence for a minimum of one year. II. Assistance provided by the City/County is based upon the location of the home being purchased. Example: If the buyer currently lives in the County, but is buying in the South George Street Neighborhood area, then the City's funding requirements would apply. 2

3 III. To obtain assistance from the City/County, buyers must qualify as first time homebuyers. A first time homebuyer is defined as a person not having had an ownership interest in a residence within 3 years preceding application for assistance; or who is a single parent; or who is a displaced homemaker. Definitions of a single parent or displaced homemaker are as follows: A Single Parent is an individual who (A) is unmarried or divorced from a spouse; and (B) has 1 or more minor children for whom the individual has custody or joint custody or who is pregnant. A Displaced Homemaker is an individual who (A) is an adult; (B) has not worked full-time, full-year in the labor force for a number of years but has, during such years, worked primarily without remuneration to care for the home and family; and (C) is unemployed or underemployed and is experiencing difficulty in obtaining or upgrading employment Buyers who have owned manufactured homes on leased lands also qualify as a first time homebuyer. IV. The borrower and any co-borrowers must be either U.S. citizens or permanent resident aliens. V. Homes purchased in the County must meet the following requirements: Must be served by existing public water and sewer; Must be located in a borough, village or previously developed area; Must be an existing unit (i.e.: a property, which has been occupied for a period of not less than one year from the date of the agreement of sale) exception for York Habitat for Humanity, Rural Housing Services and Housing Initiatives Corp. Can not be mobile homes. VI. VII. To obtain assistance from the City/County, the property being purchased MUST BE occupied by the Seller, occupied by the Buyer, or vacant at the time of execution of the Agreement of Sale. NO TENANTS CAN BE DISLOCATED AS A RESULT OF THE TRANSACTION (contact HCY for details). Properties funded under the City/County Programs must be inspected by the City/County's Office of Housing Rehabilitation staff and must meet minimum Housing Quality Standards, as established by HUD. A property will be deemed ineligible to participate in the program if during a visual inspection deteriorated paint above the de minimus level is present. (Copies of the inspection form and specific standards can be obtained by contacting the Housing Council at ext. 129) Upon receiving the required paperwork from the RAYAC, the Housing Council will notify the City/County to schedule the inspection. The City/County is responsible for the physical inspection of the property. Sellers should be present for the inspection. (Note: Some lenders have agreed to accept the City/County inspection in lieu of a private whole house inspection. Call the Housing Council of York or the buyer s lender for details.) Within 48 hours of the completion of the inspection, the City/County will advise the Housing Council and RAYAC if the property passed or failed inspection. If the property fails, the City/County will mail a copy of the deficiency list to RAYAC and the Housing Council of York; involved parties will be informed by RAYAC of the contents of the deficiency list. In the case of a For Sale By Owner the seller and the buyer will be notified by the City/County of the contents of the deficiency list. The deficiency list will detail the repairs, which will need to be completed by the seller prior to settlement. The seller and/or Realtor should contact the Housing Council prior to beginning repairs to ensure the buyer qualifies for City/County funding. Required repairs should be completed and the City or County inspector notified, so that they can schedule a re-inspection for settlement to take place in a timely manner. Should the property fail to pass the re-inspection, it may be necessary to delay settlement. Realtor will set up re-inspection. There will be no fee for the initial and first re-inspection, but the City/County may assess a charge for subsequent re-inspections. VIII. Buyers using City or County funds will also be required to sign a certification that they received a copy of the HUD notice entitled "Watch Out For Lead Paint Poisoning", if the home being purchased was built prior to The Housing Council will assume responsibility for having buyers sign this notice at the time the buyer meets with a Housing Counselor to review the 3

4 application for City or County assistance. A copy of the notice will be given to the buyer and the original will be retained in the buyer's file. IX. The County will not provide funding for the acquisition of properties located in flood plains. The City will provide funding for the acquisition of properties located in flood plains provided the buyer obtains flood insurance naming the City of York as a loss payee. X. Buyers seeking assistance from the City/County will be allowed to retain a reasonable amount of funds as assets, before being asked to use their own resources to cover the City/County s projected share of the down payment and/or closing costs. Determination of "reasonable" shall be the responsibility of the Housing Council of York, but in no case shall remaining assets exceed $5,000. For example: Purchase Price = $60,000 Buyer's Initial Assets = $ 10,500 Minus Buyer's 3% Down Payment = $ 1,800 Remaining Buyer's Assets = $ 8,700 Minus Maximum Allowable Assets After Settlement = $ 5,000 Buyer's Excess Assets = $ 3,700 In the above example, the buyer must use $3,700 to cover closing costs and/or additional 2% down payment. Assuming closing costs are $3,400, the buyer would need to pay all closing costs PLUS the remaining $300 toward down payment. The City/County would contribute $900 towards down payment. Buyers may not use excess assets (personal funds) to reduce the principal mortgage amount. *Retirement accounts will not be included in the calculation of an applicant s assets. XI. Home buyers with less than three months PITI in checking, savings, or other assets following settlement will be required to meet with Housing Council staff to review budgeting and homeownership responsibilities at the following intervals after settlement: 6 months and 1 year. This requirement shall be made a part of the City/County mortgage document. CITY MORTGAGE CREDIT CERTIFICATE PROGRAM In addition, buyers purchasing homes in the City of York may also qualify to participate in the Mortgage Credit Certificate Program (MCC). This program provides a direct federal income tax credit of at least 10% of the homeowners' mortgage interest payments for qualified buyers who purchase homes in the City of York. Details regarding this program are outlined in the attached brochure. Although there is typically a $ fee to apply for the MCC Program, this fee is waived for buyers who have completed the Housing Council's Homebuyer Training. It should also be noted that not all lenders are participating in the MCC Program and the Realtor or Buyer should contact Andrew Lauer at the City prior to applying for a mortgage. Non-participating lenders, however, may elect to become MCC Program participants, if they retain loan servicing. Interested lenders should contact Andrew Lauer at the City by calling EDUCATIONAL REQUIREMENT All persons participating in the local 3/2 Programs described above are required to complete a homebuyer educational program. The Housing Council of York offers the training program three times each month. The program is valid for a period of two (2) years; a consumer applying outside of the two years will be required to retake the First-time Homebuyers education workshops. Applicants for the City and the County must complete the educational program prior to mortgage settlement. It is, therefore, critical that potential buyers register for the training early in the home buying process. It is recommended that potential buyers complete the training BEFORE beginning to inspect properties. 4

5 At the time buyers apply for mortgage financing, they should contact the Housing Council of York to obtain a Certificate of Training. Lenders are often required by the secondary mortgage market to retain a copy of this certificate in the mortgage application file. APPLICATION PROCESS All buyers seeking funding from the City/County Programs are required to complete a 3/2 Application Intake. A copy of the intake application is attached for review. The intake application, as well as the following documentation should be forwarded to the Realtors' Association of York & Adams Counties, Inc.: 3/2 Intake Application 3/2 Addendum to the Agreement of Sale Realtor s Business Card MLS Printout Seller s Disclosure Inspection forms for both the buyer and seller Ratified Agreement of Sale In cases where the buyer is seeking City/County assistance, the Housing Council will be responsible for completing the full 3/2 Application with the buyers. Note: For Sale By Owner applications are the only applications that the Housing Council will accept directly in their office. Buyer s that are working with a Realtor should advise their Realtor to contact the RAYAC office at least 55 days prior to the anticipated settlement. The Housing Council of York will be responsible for determining eligibility for use of City/County funds. As applications are received, the Housing Council will contact the buyers to schedule eligibility interview appointments. Realtors should advise applicants to bring the following information to their appointment. (Failure to provide information on a timely basis could delay case approval): 1. Previous 3 years of Federal Income Tax Returns (signed and dated), and all schedules (1040, 1040A, 1040EZ), including W-2's. 2. Pay stubs for the past month, plus documentation of income from all other sources, such as support, interest, dividends, pensions, disability payments, etc. for ALL household members. It should be noted that the City/County programs use a method of calculating income, which may differ from the methods used by lenders. Specific questions regarding this matter should be addressed to the Housing Council of York. 3. Checking/savings account statements for the past 6 months and documentation of all other assets for ALL household members. Including but not necessarily limited to retirement accounts, life insurance policies, CD s, stocks, bonds etc. The Housing Council will use these documents and third party documentation to determine eligibility under the 3/2 income guidelines for City/County funds. The client(s) will also be advised to provide the Housing Council with the lender's Commitment Letter and Truth In Lending Statement as soon as they are received. In addition, the buyer will need to provide the Housing Council with the proposed date of settlement and the name and address of the settlement agent. The buyer should also notify their hazard insurance carrier to name the City/County as Loss Payee on their homeowners' policy. Upon receipt of this information, the Housing Council will complete a 3/2 Processing Worksheet and forward this document to the City or County to request release of funds. Other documentation/information forwarded at this time may include: Agreement of Sale, MLS listing and the Estimate of Settlement Costs. The request for funds needs to be submitted to the City/County at least ten (10) working days prior to the projected settlement date. The City/County will then draft the check to cover the amount of funds being committed to the buyer. Checks will be made payable to the buyer and/or HCY. The City/County checks will be forwarded to the Housing Council. In the event settlement costs are less than the amount of payment released by the City or County, the difference shall be refunded to the City or County at settlement. 5

6 The Housing Council will prepare the necessary documents required to secure the City/County loan. A representative of the Housing Council will take the checks and security instruments to settlement and will obtain copies of the final settlement sheet; a receipt certifying that the buyers received the City/County payment; the buyer s affidavit certifying intended occupants of the property; an errors and omissions statement; and proof of hazard insurance. The security documents will be completed and executed at settlement. The settlement agent will be asked to file the security instruments. The Housing Council will retain a client case file, which shall include documents as required by the City of York and the County of York. The Housing Council will forward a copy of the security instruments, lender's commitment letter, proof of required hazard insurance coverage, final settlement sheet, receipt of payment and refund of funds advanced, if applicable, and related documents to the City/County. In the event applications are rejected, a letter will be relayed to the buyer detailing the reason for rejection. Buyers will be advised of their right to appeal the Housing Council of York's decisions by contacting the appropriate representatives of the City or the County. I:\HCY-DOCS\3-2\EXHIBIT.2 Revised 9/7/04 6

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