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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1 D35BD4 II I 'I ! I I'I , le e /III Illl i lillllilllll /III <br />RB6513 143 53/58 <br />Applicants who have been out of school for ten or more years, and have returned for career <br />development, are not considered students. <br />Work Status <br />Each homebuying household should contain at least one individual who works a minimum <br />of 32 hours per week. Exceptions will be made in the following instances:: <br />• An individual that is disabled, yet has sufficient income to meet other affordability <br />guidelines <br />• An individual is aged 65 or older <br />• An independent contractor or self- employed individual that has intermittent or <br />seasonal work, that otherwise meets program guidelines <br />• An individual who is the primary caretaker of either (1) a child under the age of 12, <br />or (2) a person who requires care throughout the day. <br />Additional exceptions may be granted for understandable reasons that can be adequately <br />documented. <br />Real Estate Ownership <br />Only qualified applicants without any other residential real estate holdings or mortgage <br />obligations will be permitted to establish contract and purchase a Home Trust home. An <br />exception may be granted if someone holds partial ownership in a property as a result of an <br />estate and it has not been their primary residence. An exception may also be granted in <br />certain situations that involve real estate ownership in foreign nations. The property will <br />be considered an asset and any income derived from the property will be calculated <br />towards qualifying income. <br />First Time Homebuver <br />A first time homebuyer is defined using the HUD definition, which is someone who has not <br />owned a home in the past three years, or who meet the "special circumstances" criteria as <br />outlined by HUD. <br />For the purposes of qualifying for the homeownership program, buyers do not need to be a <br />first time homebuyer. <br />• To purchase a home subsidized by new CDBG funds, buyers must meet first time <br />homebuyer requirements. After the home has been marketed for 30 days, this <br />requirement is waived. <br />• To purchase a home subsidized by new HOME or Bond Funds, buyers must meet <br />first time homebuyer requirements. After the home has been marketed for 90 days, <br />this requirement is waived. <br />Buyers who are not first time homebuyers, may purchase a home with HOME or CDBG funds <br />already invested in them, as long as the affordability period has expired. The appropriate <br />jurisdiction must be notified. <br />