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b. If the applicant chooses to cancel the <br />application or is deemed ineligible during <br />processing, only the unused portion of the <br />application fee will be refunded. <br />c. In all other circumstances the balance of the <br />unused portion of the application fee will <br />not be refunded. <br />3.3 INTEREST RATE <br />a. The rate of interest charged on the outstanding <br />principal balance of the Loan is THREE PERCENT (3%) <br />SIMPLE INTEREST. <br />3.4 UNDERWRITING STANDARDS <br />a. Value for fee simple estates includes both land and <br />improvement value. All real estate mortgage loans, <br />guarantees of record, the proposed rehabilitation loan, <br />and any other liens against the property shall be <br />considered in determining total debts on the property. <br />The value of the property will be assumed to be that <br />assessed value estimated by the Assessment Branch of <br />the Real Property Division of the Department of <br />Finance, County of Hawai`i, unless the Borrower <br />provides an independent appraisal which indicates a <br />more accurate value estimate. The independent <br />appraisal must be completed within 90 days of the loan <br />application. The existing liens together with the loan <br />amount may not exceed up to one hundred twenty percent <br />(120%) of the assessed value under the following <br />conditions: <br /> 1. One hundred percent (100%) if the homeowner(s) <br />have lived in the home less than 1,825 days (5 <br />years), or <br /> 2. One hundred ten percent (110%) if the homeowner(s) <br />have lived in the home between 1,825 days (5 <br />years) and 3,650 days (10 years), or <br /> 3. One hundred twenty percent (120%) if the <br /> homeowner(s) have lived in the home over 3,650 <br /> days (10 years). <br />7019RBLA -4- RRP RULES/07-07-2016 <br /> <br />