Laserfiche WebLink
<br />8 <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CHAPTER 2 <br />RESIDENTIAL MORTGAGE FINANCING PROGRAM <br /> <br />2.01 General. These Rules and Regulations prescribe the policies, <br />procedures and authorization for conmitting to purchase and for purchasing <br />Mortgage Loans from Qualified Mortgage Lenders, for the purchase of <br />participation interests in Mortgage Loans originated by Qualifled Mortgage <br />Lenders and makes loans to Qualified Mortgage Lenders. <br /> <br />2.02 Objective. The ba~ic objective of the Agency in implementing the <br />Program is to make available long-term, low-interest loans to finance <br />Residential Construction in the City of Santa Ana Conmunity Redevelopment <br />Project Area of the Agency in order to encourage investment and to upgrade <br />such Area and to encourage persons of all social and economic positions to <br />reinhabit such Area, thereby rendering such Area more socially balanced and <br />economically self-sufficient. <br /> <br />2.03 Eligible Mortgage Lenders. The Agency, on its own initiative or <br />upon request, shall distribute to mortgage lenders information concerning the <br />Program and any interested mortgage lender may submit material sufficient for <br />the Agency to determine its qualifications to act as a Qualified Mortgage <br />Lender and Servicer under the Program. Having submitted appropriate <br />documentation for review and approval to the staff of the Agency, Wells Fargo <br />Mortgage Company and Citizens Savings and Loan Association shall be Qualified <br />Mortgage Lenders and Servicers for purposes of the Program. <br /> <br />2.04 Eligible Mortgagors. In addition to the further requirements of <br />the Mortgage Loan Purchase Agreement and the Sellers' Guide, Mortgagors <br />applying for a Mortgage Loan under the Program must meet all of the following <br />requirements: <br /> <br />(1) Be, and continue to be, the owner-occupant of the Residence <br />securing repayment of the Mortgage Loan; <br /> <br />(2) <br />Mortgage Loan; <br /> <br />Possess the legal capacity to incur the obligations of the <br /> <br />(3) <br /> <br />Have a general cred it stand ing acceptab le to the Mortgage <br /> <br />Insurer; <br /> <br />(4) Be able to pay all obligations as they become due, including <br />the principal, interest and escrow payments, if any, on the Mortgage Loan <br />applied for; <br /> <br />(5) Agree, as a Participating Party, to comply with requirements <br />established by the Agency and with the terms of the Mortgage Loan; and <br /> <br />(6) Not be an elective officer of the State of California, the <br />Agency nor of any political subdivision of the State, nor an employee of any <br />redevelopment agency. <br /> <br />7 <br />