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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <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 Homebuyer <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 />