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or her spouse, if any, who has not owned a home during the three-year period prior to this <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 shall be in cooperation with the"City" and <br /> include the completion of such documentation as is necessary to the City. Based on their review, <br /> the Financial Institution shall determine whether the applicant qualifies for financing from their <br /> institution and should be recommended for a loan under the "Program". <br /> 4. First,applicants are encouraged to secure pre-approval for a loan with the <br /> "Financial Institution". Next, the applicant may identify an appropriate home for purchase. <br /> Only single-family homes, to be occupied by the purchaser as their principal residence, may be <br /> purchased through the"Program". The home must be located within the city of Decatur <br /> corporate limits. The purchase price of a home financed throu�,h the "Program"shall not exceed <br /> $80,000. <br /> 5. After pre-approval from the"Financial Institution", the applicant may identify a <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 /> , <br /> notification of commitment of mortgage financing to the City Department of Neighborhood <br /> Services, Neighborhood Outreach Division. <br /> 6. Upon receipt of a complete application file and purchase agreement from the <br /> "Financial Institution", the "City" shall conduct the necessary inspections of the property, and <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 /> lead hazard, the City shall make all arrangements for, and cover all costs of, a lead-based paint ', <br /> 2 <br />