Common use of Borrower Eligibility Criteria Clause in Contracts

Borrower Eligibility Criteria. Homeowner qualifies as low-to-moderate income based on per- household income thresholds set forth in the county in which the homeowner resides. Income thresholds are as posted on the Keep Your Home California website. • Homeowner must complete and sign a Hardship Affidavit / 3rd Party Authorization to document the reason for the hardship. • Homeowners who have recently encountered a financial hardship due to underemployment or unemployment, including those whose unemployment hardship is related to their military service. • Homeowner’s total monthly first-lien mortgage payment PITI (principal, interest, taxes, and insurance, as applicable) and escrowed homeowner’s association dues or assessments must exceed 31 percent of the homeowner’s gross monthly household income, excluding temporary income (e.g., unemployment or short-term disability benefits). • Homeowner must agree to provide all necessary documentation to satisfy program guidelines within the timeframes established by CalHFA MAC. • Homeowner must be currently receiving California Employment Development Department unemployment benefits, and includes homeowners whose unemployment benefits lapsed or expired within 30 days of the request for UMA assistance. • General program eligibility is determined by CalHFA MAC based on information received from the homeowner. Program-specific eligibility is determined by CalHFA MAC on a first-come, first-approved basis until program funds and funding reserves have been exhausted. Loan servicer will implement the HHF program based on participation agreement terms and conditions.