California Code of Regulations
Title 25 - Housing and Community Development
Division 1 - Housing and Community Development
Chapter 7 - Department of Housing and Community Development Programs
Subchapter 9 - Calhome Program Requirements
Article 4 - Mortgage Assistance Programs
Section 7730 - Local Program Administration Responsibilities
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The recipient of CalHome funds to operate a local mortgage assistance program shall be responsible for the following activities:
(a) providing information and assistance to first-time homebuyers on obtaining maximum amount of first mortgage financing pursuant to the underwriting requirements in Section 7731;
(b) reviewing CalHome required appraisals for property eligibility under value limits established pursuant to Section 7731(b)(3). The appraised value shall not exceed these limits;
(c) in the case of acquisition of existing housing, the Recipient shall be responsible for inspection of properties to be purchased or a review of Uniform Residential Appraisal Reports, including the Valuation Conditions, to ensure that they conform to the requirements of State Housing Law (California Health and Safety Code, Section 17910 et seq.);
(d) ensuring completion by each assisted household of a homebuyer education class that meets the requirements of Section 7722; and
(e) originating, underwriting, packaging and closing CalHome Program loans in accordance with program requirements.
1. New section filed 9-29-2003; operative 9-29-2003 pursuant to Government Code section 11343.4 (Register 2003, No. 40).
Note: Authority cited: Sections 50406(n) and 50650.2, Health and Safety Code. Reference: Sections 50650.3(b) and 50650.7, Health and Safety Code.
