Transcription of CHAPTER 3: APPLICATION PROCESSING
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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.
SECTION 1: PRE-QUALIFICATION 3.2 OVERVIEW Pre-qualification involves using unverified information to evaluate the likelihood that a potential applicant, someone who is interested in the program but has not yet applied, would be program eligible. The results of pre-qualification are not binding and will not hinder the submission of an application.
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