Common use of Verification of Eligibility Requirements Clause in Contracts

Verification of Eligibility Requirements. In order to ensure that each MCC is issued to an Applicant in connection with the financing of a Residence in accordance with Section 25 of the Code, each Lender shall use good faith and all due diligence in carrying out the following procedures with respect to each Loan: (i) the Lender shall obtain an Affidavit of Applicant executed not more than three (3) months prior to the Closing, duly executed by the Applicant, and a Closing Affidavit duly executed by the closing attorney or closing agent (if any); in addition, at the Closing the Lender shall obtain the Reaffirmation of Applicant, duly executed by the Applicant; (ii) the Lender shall review the contents of the Affidavit of Applicant, the Reaffirmation of Applicant, and the Closing Affidavit (if any) with the Applicant, and the closing attorney or closing agent, if any, respectively, prior to the execution thereof and verify that the requirements of Sections 2.02 and 3.03 hereof are satisfied; (iii) unless (i) the Residence is located in a Targeted Area or (ii) the Applicant is a Qualified Veteran, the Lender shall obtain signed or certified copies of the Applicant’s executed federal income tax return or other written evidence from the Internal Revenue Service acceptable to the Division for the three (3) years preceding the issuance of the MCC (except that the Applicant’s federal income tax return for the immediately preceding tax year shall not be required, unless already filed, before February 15 of the then current calendar year) and shall review same to verify that the Applicant did not claim deductions for taxes or interest on indebtedness with respect to a Principal Residence; provided, however, that, in lieu of one or more of such tax returns, the Lender may accept the Applicant’s certification contained in the Affidavit of Applicant that the Applicant was not required to file such a return in accordance with Section 6012 of the Code during any one or more of the preceding three (3) years for which such return is unavailable; (iv) the Lender shall perform such additional investigation as may be appropriate under the circumstances (including, but not limited to, personal or telephone interviews with the Applicant, examination of canceled checks or receipts evidencing payment of rent, review of employment and utility records, and review of the purchase contract for the Residence to determine the Acquisition Cost), to verify that the requirements of Section 25 of the and the related Regulations are satisfied as of the date of the issuance of the MCC; (v) the Lender shall review the draft settlement statement to assure that all fees and charges and settlement and financing costs comply with the requirements of this Agreement and the Program Manual;

Verification of Eligibility Requirements. In order to ensure that each MCC is issued to an Applicant in connection with the financing of a Residence in accordance with Section 25 of the Code, each Lender shall use good faith and all due diligence in carrying out the following procedures with respect to each Loan: (i) the Lender shall obtain an Affidavit of Applicant which may not have been executed not more than three (3) months prior to the Closing, duly executed by the Applicant, and a Closing Affidavit duly executed by the closing attorney or closing agent (if any); in addition, at the Closing the Lender shall obtain the Reaffirmation of Applicant, duly executed by the Applicant; (ii) the Lender shall review the contents of the Affidavit of Applicant, the Reaffirmation of Applicant, and the Closing Affidavit (if any) with the Applicant, and the closing attorney or closing agent, if any, respectively, prior to the execution thereof and verify that the requirements of Sections 2.02 2.03 and 3.03 hereof are satisfied; (iii) unless (i) the Residence is located in a Targeted Area or (ii) the Applicant is a Residence financed by a Qualified Veteran, the Lender shall obtain signed or certified copies of the Applicant’s executed federal income tax return or other written evidence from the Internal Revenue Service acceptable to the Division Administrator for the three (3) years preceding the issuance of the MCC (except that the Applicant’s federal income tax return for the immediately preceding tax year shall not be required, unless already filed, before February 15 of the then current calendar year) and shall review same to verify that the Applicant did not claim deductions for taxes or interest on indebtedness with respect to a Principal Residence; provided, however, that, in lieu of one or more of such tax returns, the Lender may accept the Applicant’s certification contained in the Affidavit of Applicant that the Applicant was not required to file such a return in accordance with Section 6012 of the Code during any one or more of the preceding three (3) years for which such return is unavailable; (iv) the Lender shall perform such additional investigation as may be appropriate under the circumstances (including, but not limited to, personal or telephone interviews with the Applicant, examination of canceled checks or receipts evidencing payment of rent, review of employment and utility records, and review of the purchase contract for the Residence to determine the Acquisition Cost), to verify that the requirements of Section 25 of the and the related Regulations Code as set forth herein are satisfied as of the date of the issuance of the MCC; (v) the Lender shall review the draft settlement statement to assure that all fees and charges and settlement and financing costs comply with the requirements of this Agreement and the Program ManualAgreement;

Verification of Eligibility Requirements. In order to ensure that each MCC is issued to an Applicant in connection with the financing of a Residence in accordance with Section 25 of the Code, each Lender shall use good faith and all due diligence in carrying out the following procedures with respect to each Loan: (i) the Lender shall obtain an Affidavit of Applicant which may not have been executed not more than three (3) months prior to the Closing, duly executed by the Applicant, and a Closing Affidavit duly executed by the closing attorney or closing agent (if any); in addition, at the Closing the Lender shall obtain the Reaffirmation of Applicant, duly executed by the Applicant; (ii) the Lender shall review the contents of the Affidavit of Applicant, the Reaffirmation of Applicant, and the Closing Affidavit (if any) with the Applicant, and the closing attorney or closing agent, if any, respectively, prior to the execution thereof and verify that the requirements of Sections 2.02 2.03 and 3.03 hereof are satisfied; (iii) unless (i) the Residence is located in a Targeted Area or (ii) the Applicant is a Residence financed by a Qualified Veteran, the Lender shall obtain signed or certified copies of the Applicant’s executed federal income tax return or other written evidence from the Internal Revenue Service acceptable to the Division Administrator for the three (3) years preceding the issuance of the MCC (except that the Applicant’s federal income tax return for the immediately preceding tax year shall not be required, unless already filed, before February 15 of the then current calendar year) and shall review same to verify that the Applicant did not claim deductions for taxes or interest on indebtedness with respect to a Principal Residence; provided, however, that, in lieu of one or more of such tax returns, the Lender may accept the Applicant’s certification contained in the Affidavit of Applicant that the Applicant was not required to file such a return in accordance with Section 6012 of the Code during any one or more of the preceding three (3) years for which such return is unavailable; (iv) the Lender shall perform such additional investigation as may be appropriate under the circumstances (including, but not limited to, personal or telephone interviews with the Applicant, examination of canceled checks or receipts evidencing payment of rent, review of employment and utility records, and review of the purchase contract for the Residence to determine the Acquisition Cost), to verify that the requirements of Section 25 of the and the related Regulations Code as set forth herein are satisfied as of the date of the issuance of the MCC; (v) the Lender shall review the draft settlement statement to assure that all fees and charges and settlement and financing costs comply with the requirements of this Agreement and the Program ManualAgreement;

Verification of Eligibility Requirements. In order to ensure that each MCC is issued to an Applicant in connection with the financing of a Residence in accordance with Section 25 of the Code, each Lender shall use good faith and all due diligence in carrying out the following procedures with respect to each Loan: (i) the Lender shall obtain an Affidavit of Applicant which may not have been executed not more than three (3) months prior to the Closing, duly executed by the Applicant, and a Closing Affidavit duly executed by the closing attorney or closing agent (if any); in addition, at the Closing the Lender shall obtain the Reaffirmation of Applicant, duly executed by the Applicant; (ii) the Lender shall review the contents of the Affidavit of Applicant, the Reaffirmation of Applicant, and the Closing Affidavit (if any) with the Applicant, and the closing attorney or closing agent, if any, respectively, prior to the execution thereof and verify that the requirements of Sections 2.02 2.03 and 3.03 hereof are satisfied; (iii) unless (i) the Residence is located in a Targeted Area or (ii) the Applicant is a Qualified Veteran, the Lender shall obtain signed or certified copies of the Applicant’s executed federal income tax return or other written evidence from the Internal Revenue Service acceptable to the Division Administrator for the three (3) years preceding the issuance of the MCC (except that the Applicant’s federal income tax return for the immediately preceding tax year shall not be required, unless already filed, before February 15 of the then current calendar year) and shall review same to verify that the Applicant did not claim deductions for taxes or interest on indebtedness with respect to a Principal Residence; provided, however, that, in lieu of one or more of such tax returns, the Lender may accept the Applicant’s certification contained in the Affidavit of Applicant that the Applicant was not required to file such a return in accordance with Section 6012 of the Code during any one or more of the preceding three (3) years for which such return is unavailable; (iv) the Lender shall perform such additional investigation as may be appropriate under the circumstances (including, but not limited to, personal or telephone interviews with the Applicant, examination of canceled checks or receipts evidencing payment of rent, review of employment and utility records, and review of the purchase contract for the Residence to determine the Acquisition Cost), to verify that the requirements of Section 25 of the and the related Regulations Code as set forth herein are satisfied as of the date of the issuance of the MCC; (v) the Lender shall review the draft settlement statement to assure that all fees and charges and settlement and financing costs comply with the requirements of this Agreement and the Program ManualAgreement;