CHAPTER 3: APPLICATION PROCESSING
HB-1-3550 INTRODUCTION This CHAPTER describes the process of accepting and managing applications, up to the point that an applicant is selected for PROCESSING . This includes pre-qualifying potential applicants, taking and reviewing applications, and selecting applications for PROCESSING . SECTION 1: PRE-QUALIFICATION OVERVIEW Pre-qualification involves using unverified information to evaluate the likelihood that a potential applicant, someone who is interested in the program but has yet to submit an APPLICATION for assistance, would be program eligible. The results of pre-qualification are not binding and will not hinder the submission of an APPLICATION . A potential applicant with possible obstacles to program eligibility may submit an APPLICATION and a potential applicant who appears program eligible is not guaranteed that a loan will be made. Pre-qualification, which is supported but not required, serves as an opportunity to: Explain the program and the APPLICATION process; Determine the likelihood of eligibility based on income and other factors; Calculate the likely maximum loan amount; and Encourage the early completion of homeownership education for maximum benefit.
This chapter describes the process of accepting and managing applications, up to the point that an applicant is selected for processing. This includes pre-qualifications (largely through the Single Family Housing Direct Eligibility Assessment tool), taking and reviewing applications, and selecting applications for processing.
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