Transcription of CHAPTER 4: BORROWER ELIGIBILITY
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CHAPTER 4: BORROWER ELIGIBILITY
HB-1-3550 OVERVIEW Ensuring that all applicants served are eligible and receive the correct amount of assistance is a significant responsibility of Loan Originators and Loan Approval Officials. A BORROWER must be income-eligible, demonstrate a credit history that indicates ability and willingness to repay a loan, and meet a variety of other program requirements. This CHAPTER provides guidance for each of these areas. Section 1: Evaluating BORROWER Income provides instructions for calculating and verifying annual, adjusted, and repayment income. Section 2: Evaluating BORROWER Assets discusses Agency requirements for cash contributions to the purchase and methods for computing income from assets.
assistance is a significant responsibility of Loan Originators and Loan Approval Officials. A borrower must be income-eligible, demonstrate a credit history that indicates ability and willingness to repay a loan, and meet a variety of other program requirements. This chapter provides guidance for each of these areas.
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