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TABLE OF CONTENTS <br />RESIDENTIAL REPAIR PROGRAM <br />(RRP) <br />RULES FOR HOMEOWNERS <br />1.0 EXPLANATION OF WORDS USED IN THIS DOCUMENT ..................... 1 <br />2.0 PURPOSE ........................................................ 2 <br />3.0 LOAN SPECIFICATIONS ............................................ 2 <br />3.1 LOAN <br />AMOUNTS.................................................. 2 <br />3.2 ELIGIBLECOSTSFORLOANAMOUNT................................ 3 <br />3.3 INTERESTRATE................................................. 4 <br />3.4 UNDERWRITINGSTANDARDS........................................ 4 <br />3.5 TERMANDPAYMENT.............................................. 5 <br />3.6 CREDITHISTORYANDINCOMEVERIFICATION........................ 7 <br />3.7 PLEDGEDSECURITY.............................................. 7 <br />3.8 ACCELERATIONOFLOAN.......................................... 8 <br />OFLOAN.............................................. 8 <br />3.9 RE-ISSUE <br />3.10 CONTRACT ..................................................... 8 <br />3.11 LIFEESTATESANDTRUSTS....................................... 9 <br />3.12 CHANGEOFTENANCY............................................. 9 <br />TOMAKEPAYMENTASREQUIRED .......................... 10 <br />3.13 FAILURE <br />3.14 PREPAYMENT .................................................. 10 <br />3.15 PLACEOFPAYMENT............................................. 10 <br />3.16 APPLICATIONOFREGULARPAYMENTSANDPREPAYMENT ............... 10 <br />SERVICING............................................... 11 <br />3.17 LOAN <br />3.18PAYABLETODIRECTOROFFINANCE................................ 11 <br />3.19SUBORDINATIONOFMORTGAGE .................................... 11 <br />3.20OWNERASSETS ................................................. 12 <br />4.0 APPLICANT ELIGIBILITY ......................................... 13 <br />4.1 CONFLICTOFINTEREST......................................... 13 <br />4.2 DISCRIMINATIONPROHIBITED.................................... 13 <br />4.3 INCOMEELIGIBILITY........................................... 14 <br />INCOME.............................................. 15 <br />4.4 ADJUSTED <br />4.5 OWNERSHIP ................................................... 15 <br />4.6 OCCUPANCY ................................................... 16 <br />5.0 PROPERTY ELIGIBILITY .......................................... 16 <br />5.1 LOCATION .................................................... 16 <br />5.2 DWELLINGQUALIFICATIONCHARACTERISTICS....................... 17 <br />5.3 TAXES ....................................................... 19 <br />5.4 TYPESOFIMPROVEMENTS........................................ 19 <br />ELIGIBILITYINSPECTION.............................. 21 <br />5.5 DWELLING <br />5.6 DWELLINGELIGIBILITYCONFERENCE.............................. 22 <br />5.7 ELIGIBLEREPAIRSANDIMPROVEMENTSLIST....................... 23 <br />7019RBLA -ii- RRP RULES/07-07-2016 <br /> <br />