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. Section 3: Credit History identifies indicators of acceptable and unacceptable credit and provides instructions for reviewing an applicant s credit history. Section 4: Other ELIGIBILITY Requirements addresses a variety of other requirements applicants must meet to be eligible for the program.
the need to use Form RD 1910-5, Request for Verification of Employment, to document previous employment (Part III of the form) should be rare and should be limited to cases ... Loan Originator to ask for, and verification sources to release, the needed information. ... and other compensation for personal services of all adult
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