Transcription of CHAPTER 3: APPLICATION PROCESSING SECTION …
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CHAPTER 3: APPLICATION PROCESSING SECTION …
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.
HB-1-3550 3.1 INTRODUCTION This chapter describes the process of accepting and managing applications, up to the point that an applicant is selected for processing.
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