Application requirements.

CFR · 2024-01-01 · US · Title 7

(a) (1) Complete, sign, date, and return the land contract letter of interest to the Agency, and (2) Provide the name, address, and telephone number of the chosen servicing or escrow agent. (b) (1) The completed Agency application form; (2) A current financial statement (not older than 90 days); (3) If the buyer is an entity: (i) A complete list of entity members showing the address, citizenship, principal occupation, and the number of shares and percentage of ownership or stock held in the entity by each member, or the percentage of interest in the entity held by each member; (ii) A current financial statement for each member of the entity; (iii) A current financial statement for the entity itself; (iv) A copy of the entity's charter or any entity agreement, any articles of incorporation and bylaws, any certificate or evidence of current registration (in good standing), and a resolution adopted by the Board of Directors or entity members authorizing specified officers of the entity to apply for and obtain the land contract guarantee and execute required debt, security, and other instruments and agreements; and (v) In the form of a married couple applying as a joint operation, items in paragraphs (b)(3)(i) and (b)(3)(iv) of this section will not be required. The Agency may request copies of the marriage license, prenuptial agreement, or similar documents as needed to verify loan eligibility and security. The information specified in paragraphs (b)(3)(ii) and (iii) of this sec

official document · source cfr-2024 · id 7:§ 763.7