HDMF CIRCULAR NO. 287

: The monthly repayment on principal and interest shall not exceed forty percent (40%) of the borrower's net disposable income.
: Takeout proceeds will be released within fifteen (15) working days from delivery of loan folders, unless there are negative findings on the loan application and the borrower.
: They must check completeness and authenticity of loan documents, verify borrower's identity, validate borrower's intent and eligibility, evaluate capacity to pay, inspect the house and lot units, and witness the signing of loan documents by the borrower.
: It can be conducted either at the HDMF office or at the project site as arranged by the developer.
: All folders must be covered by a notarized Certification signed by the Developer's Authorized Signatory attesting to the completeness and authenticity of the documents submitted.
: Developers shall convert accounts from CTS to REM not later than the 24th month from takeout for accounts under Window 1 and Window 2.
: The Buyback guaranty remains in full force until the end of the two-year or three-year seasoning period as applicable.
: They are repealed, amended, or modified accordingly.
: The amendments took effect on 1 March 2011.