Laserfiche WebLink
funds may be used in part to cover closing costs, as agreed upon in advance by the lender, <br /> applicant, and the City. <br /> 8. The applicant shall be responsible far providing at least$1,000 or 3%of the funds I�il <br /> necessary to purchase the described property,whichever is greater, to be used as a �, <br /> downpayment. <br /> 9. The Financial Institution shall provide the remainder of the funds necessary to <br /> finance the purchase of the described property. The Financial Institution shall loan said funds to <br /> the successful applicant and shall obtain a first priority mortgage on such property. The Financial <br /> � Institution shall set the rates and terms it deems appropriate for its portion of the Homebuyer <br /> loan. The Financial Institution shall charge only its normal fees to borrowers using this Program. <br /> 10. The Financial Institution and the City shall each service their respective above- <br /> described loans, including collection of monthly payments and other such necessary steps <br /> involved in mortgage servicing. <br /> 11. The Financial Institution shall make a sufficient amount of funds available for <br /> loans under this Program, subject to approval as provided herein. The Financial Institution shall <br /> assist the City with promoting the Program by informing its lending officers and potential <br /> applicants about its availability. <br /> 12. The Financial Institution shall, to whatever extent possible,make available other <br /> assistance programs for the applicant to use in conjunction with the Homebuyer program, to <br /> provide assistance with the applicant's downpayment and/or closing costs. <br /> 13. All applicants shall be required to provide proof that, at least one week before <br /> closing, they have completed a qualified Homebuyer Counseling program. Cost of attending the <br /> counseling program may be included in closing costs which are covered by the ADDI funds. <br /> 4 <br />