Homebuyer Compliance Verification Form: The initial homebuyer must submit a Homebuyer Compliance Verification Form and supporting documentation at least 10 business days prior to closing on the home purchase and must not close without PHB review and response. The verification form must be signed by all homebuyers; income documentation should be submitted for all homebuyers who will be both on title to the property and living in the home.
Supporting income documentation includes the last two years of W2s, the most current month’s paystubs, and documentation of any additional income received such as social security, child support, alimony, or unemployment; self-employed homebuyers must submit two years of filed federal tax returns with all schedules and a current year-to-date profit and loss statement. PHB may require additional documentation in order to fully verify current income of the homebuyers including letters of explanation or affidavits.
PHB review prior to closing: PHB will notify homebuyer and escrow of homebuyer qualification (affordability and owner-occupancy) and the amount of the application fee due prior to closing.
Homebuyer Application Fee: Qualified initial homebuyers must pay an application fee to PHB which is due within 30 days of closing. The amount of the fee varies--between $150 and $700--depending on the amount already paid by the builder.
Verification of closing: Homebuyers must send PHB documentation of the final sale price and title holders within 30 days of closing by submitting a copy of the recorded Warranty Deed or the Final HUD-1 Settlement Statement.
Subsequent homebuyers: If a property with a tax exemption transfers title during the ten year exemption period, the exemption will continue as long as the property remains owner occupied.