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.
eligible for a loan; (2) calculate the applicant’s ability to repay a loan; and (3) determine the amount of the loan and the amount of payment subsidy the household can obtain. When reviewing an applicant’s repayment income, the Loan Originator must determine whether the income is stable and dependable.
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