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or her spouse,if any,who has not owned a home during the three-year period prior to this i <br /> application,with the following exception: An individual who is a displaced homemaker. <br /> 3. The"Financial Institution"shall accept and process applications for loans under <br /> the"Program". The processing of such applications sha11 be in cooperation with the"City"and � <br /> i' <br /> include the completion of such documentation as is necessary to the City. Based on their review, � <br /> ! <br /> the Financial Institution shall determine whether the applicant qualifies for financing from their � <br /> i <br /> institution and should be recommended for a loan under the"Program". ' <br /> 4. First,applicants are encouraged to secure pre-approval for a ioan with the I <br /> ; <br /> "Financial Institution". Next,the applicant may identify an appropriate home for purchase. ' <br /> ; <br /> Only single-family homes,to be occupied by the purchaser as their principal residence,may be i <br /> purchased through the"Program". The home must be located within the city of Decatur � <br /> i <br /> � <br /> corporate limits. The purchase price of a home fmanced through the"Prograrn"shall not exceed ; <br /> $80,000. <br /> � <br /> 5. After pre-approval from the"Financial Institution",the applicant may identify a ; <br /> I <br /> home and secure a signed real estate purchase contract. The contract must be accompanied with <br /> a signed"Notice to the Seller". The Financial Institution shall forward the appraisal when , <br /> available,purchase agreement,a copy of the loan application, supporting documentation,and <br /> notification of commitment of mortgage financing to the City Department of Neighborhood <br /> I <br /> Services,Neighborhood Outreach Division. �I <br /> � <br /> 6. Upon receipt of a complete application file and purchase agreement from the <br /> "Financial Institution",the"CiTy"sha11 conduct the necessary inspections of the property, and i <br /> i <br /> shall determine whether such applicant shall be conditionally approved for the"Program". If the <br /> inspection reveals the presence of any chipped or peeling paint or other evidence of a possible � <br /> I <br /> lead hazard,the City sha11 make all arrangements for, and cover all costs of, a lead-based paint � <br /> 2 � <br /> I <br />