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) prior to closing.
Homebuyer Processing Fee: Qualified initial homebuyers must pay a processing fee of $750 to PHB which is due within 30 days of closing. The builder pays a separate application fee when applying for the program.
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. The residence must be occupied and used as buyer(s)’ primary residence within sixty (60) days after the date of closing.
Subsequent homebuyers: If a property with a tax exemption transfers title during the ten year exemption period, the exemption will continue though the exemption period as long as the property remains owner occupied.