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• Provide that the purchaser is not obligated to pay for any necessary repairs; and Contain a certification from the seller that the seller has not been debarred, suspended, or subj ect to a limited denial of participation under CFR part 24. Disapproval of a Seller In its administrative discretion, SARA may deny approval of a seller for the same reasons a PHA may disapprove an owner under the regular HCV program [see 24 CFR 982.306(c)]. 15-VII.H. FINANCING [24 CFR 982.632] SARA may establish requirements for financing purchase of a home under the homeownership option. This may include requirements concerning qualification of lenders, terms of financing, restrictions concerning debt secured by the home, lender qualifications, loan terms, and affordability of the debt. SARA must establish policies describing these requirements in the administrative plan. A PHA may not require that families acquire financing from one or more specified lenders, thereby restricting the family's ability to secure favorable financing terms. 15-VIII. CONTINUED ASSISTANCE REQUIREMENTS; FAMILY OBLIGATIONS [24 CFR 982.633] Homeownership assistance may only be paid while the family is residing in the home. If the family moves out of the home, SARA may not continue homeownership assistance after the month when the family moves out. The family or lender is not required to refund to SARA the homeownership assistance for the month when the family moves out. Before commencement of homeownership assistance, the family must execute a statement in which the family agrees to comply with all family obligations under the homeownership option. The family must comply with the following obligations: • The family must comply with the terms of the mortgage securing debt incurred to purchase the home, or any refinancing of such debt. • The family may not convey or transfer ownership of the home, except for purposes of financing, refinancing, or pending settlement of the estate of a deceased family member. Use and occupancy of the home are subject to 24 CFR 982.551 (h) and (i). • The family must supply information to SARA or HUD as specified in 24 CFR 982.551(b). The family must further supply any information required by SARA or HUD concerning mortgage financing or refinancing, sale or transfer of any interest in the home, or omeowners ip expenses. • The family must notify SARA before moving out of the home. • The family must notify SARA if the family defaults on the mortgage used to purchase the home. • No family member may have any ownership interest in any other residential property. 7/02/12 Page 15-16