1997-337 NO q¢- 7
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, AP-
PROVING GUIDELINES FOR OPERATION OF THE CITY OF DENTON HOMEBUYER
ASSISTANCE PROGRAM AND ELIGIBILITY CRITERIA, AUTHORIZING EXPENDI-
TURES IN EXCESS OF $15,000 FOR PROJECTS MEETING PROGRAM GUIDELINES
AND CRITERIA, AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council of the City of Denton recognizes the need to assist low and
moderate income families in securing safe, sanitary, and decent housing, and
WHEREAS, the City of Denton participates m a Homebuyer Assistance Program admin-
istered by the City of Denton Community Development Office and funded through a federal
grant from the Department of Housing and Urban Development, NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
~ That the City Council approves the Homebuyer Assistance Program
Gmdehnes and Program Ehglblhty Criteria which is attached hereto and made a part of this or-
dmance for all purposes as Exhibit "A" and authorizes the C~ty of Denton Community Develop-
ment Office to admm~ster this program
SECTION II. That the City Council authorizes the expenditure of funds in excess of
$15,000 by the Community Development Office for projects meeting program guidelines and
criteria, subject to compliance with competitive b~dd~ng laws where applicable
SECTION IH. That th~s ordmance shall become effective ~mmedlately upon its passage
and approval
PASSED AND APPROVED flus the /~ dayof /~r0~r}'/b~f, 1997
, J~
ATTEST
JENNIFER WALTERS, CITY SECRETARY
PPRC ED gTO LEGAL FOm
HERBERT L PROUTY, CITY ATTORNEY
COMMUNITY DEVELOPMENT OFFICE
CITY OF DENTON
100 WEST OAK, SUITE 208
DENTON, TX 76201
(940) 349-7726
1997-98
HOMEB UYERS ASSISTANCE
PROGRAM GUIDELINES
(HAP)
Guidelines Page I of 12
PROGRAM GUIDELINES
TABLE OF CONTENTS
Page Number
I PURPOSE 3
II WHO QUALIFIES FOR ASSISTANCE? 3
III WHAT TYPE OF HOUSE QUALIFIES? 4
IV WHAT COSTS WILL HAP COVER? 4
V LEVEL OF ASSISTANCE 5
VI THE EARNEST MONEY CONTRACT 6
VII GOOD FAITH ESTIMATE 6
VIII HAP PACKET AND APPROVAL 7
IX HAP COMMITMENT 8
IX APPENDICES
· QUALIFYING INCOME LIMITS AND RANGES 9
· SECTION 8 INCOME GUIDELINES 10
· CURRENT LIST OF PARTICIPATING LENDERS 12
Guidelines Page 2 Of 12
I. PURPOSE
Famlhes from all walks of hfe qualify for a mortgage loan to finance the purchase of existing houses
However, these same famflxes are often unable to save the money needed for the down payment, closing costs
and prepaid taxes and insurance The City of Denton's Homebuyers Assistance Program (HAP) provides part
ofth~s necessary financing as a secured forgivable second mortgage loan at 0% interest for 5, 10 or 20 years
The City of Denton will forgive the note on a monthly basis HAP, funded by federal grants from the
Department of Housing and Urban Development, accomplishes two objectlves--prowdmg home ownership
opportumt~es for low and moderate raceme families and builds stronger neighborhoods
Pohcy clarifications or general questions should be addressed to the Community Development Office at 100
West Oak, Suite 208, Denton, Texas 76201 or by calling (940) 349-7726
II. WHO QUALIFIES FOR ASSISTANCE9
To be ehg~ble for participation m the Homebuyers Assistance Program (HAP), buyers must meet all of the
following criteria
1 Participants must either hve or work m the city of Denton
2 Participants' gross annual antie~pated household income cannot exceed 80% of the area median income
(See page 9 for Quahfymg Income Limits) Household raceme ~s decided by current HUD Section 8
program standards and includes the mcome of all persons m the home who are over the age of 17
(See page 10 for Section 8 Income Guldehnes)
3 Participants must be first-time homebuyers The followmg will be considered first-t~me homebuyers
a Participants who have not owned a home m the past three years,
b Participants who are dxsplaced s~ngle parents,
c Participants who own or owned a substandard mobile home Community Development Inspector will
determine the condition of the mobile home
4 Part~cxpants must occupy the home as their primary residence durmg the term of program assistance The
HAP second lien contains a due in full and payable/acceleration clause m the event of sale
5 Participants must meet the ehgibflxty requirements of the mortgage program offered by a Participating
Lender The mterest rate on the mortgage loan cannot exceed the prevaflmg market rate Seepage 12for
a hst of current Partic~pating Lenders
6 Partxclpants may not hold liquid assets m excess of $$,000 L~qmd assets are assets that can be readily
converted to cash and include such assets as cash, checking and sawngs accounts, certificates of deposit,
money market accounts, stocks, bonds and profit sharing accounts (if funds can be withdrawn without a
penalty) Note Any sum over $3,500 to the maximum of $5,000 must be pledged by the participants for
closing costs, prepa~ds and down payment
7 Participants must attend the homebuyer educatmn program "Successful Home Ownership" prowded by
Consumer Credit Counsehng of North Central Texas, Inc The workshop is HUD-approved and meets
Fannie Mae gmdehnes for home buyer educatxon
Guidelines Page 3 of 12
III. WHAT TYPE OF HOUSE QUALIFIES?
1 The house to be purchased must be an extstlng restdenttal property, located wtthtn the Denton city llmtts
The maxtmum sales price of the house to be purchased shall not exceed $75,000
2 The property to be purchased must be safe, decent and sanitary Asststance will not be provided to
famhtate the purchase of a substandard property An mdependent mspectton of all major systems and
ttems that may affect the health and safety of the occupants must be conducted on the property by a State
Licensed Home Inspectton Company Community Development Staff will review the inspection report
and will determine if any repairs will be required HAP funds will not be released until all the items of
concern have been adequately addressed
3 It is recommended that the house contain adequate number of bedrooms
Maxtmum# of Suggested # of Maxtmum# of Suggested # of
Family Members ~ F0mllv Members ~
I 0/Effictency 8 4 Bedroom
2 1 Bedrooms 10 5 Bedrooms
4 2 Bedrooms +10 6 Bedrooms
6 3 Bedrooms
4 Any structure built before 1978, where a child of stx (6) years of age or younger will reside, must be free
from lead based paint Allsales contracts forprnpertyconstruetedpnor to 1978 must be subject to Lead-
Based Patnt Health Hazards Addendum
5 NOTE: The City of Denton will not asstst tn the purchase of a house that ts being rented unless either
of the following condmons exists
a The buyer and renter are the same
b Prior to leasing and occupying the property, the renter received written notffieatlon of the posstbfltty
of the property berne sold and that relocatwn assistance would not be provided
IV. WHAT COSTS WILL HAP COVER9
1 Cl0sin~ Costs & Prepatds. HAP will only asstst will Borrower's closmg costs If the maxtmum
allowance is not used for a particular ttem, funds cannot be used to finance other ehgtble ttems over the
amounts specffied In such cases where certa,n ttems cannot be covered through HAP, the buyer will be
responsible fur those closing costs AIl of the following closing costs are ehglble for financing, to some
degree, through HAP
· application fee · credit report fee · lender's inspection fee
· loan origination fee settlement or closing fee document preparation fee
· title insurance * courier fees * recording fees
· title search · appraisal fee · survey fee
· attorney's fees * other similar ttems
klmttattons on Closm~ Costs & Prepalds.
· 30 Days Interest - A full 30 days interest is provided
· 14 Months Hazard Insurance
Guidelines Page 4 of 12
· Three (3) Months Property Taxes - a full three (3) months taxes are provided If the actual taxes for
a,three (3) month period are less than the amount provided, the excess funds may not be escrowed for
addit~onal taxes It is the responsibility of the purchaser to pay for any taxes above the three (3) months
prowded under the program
· Inspectlonfees $100 fur an lndependent Home lnspectwns, $50 for lenders relnspectmn after repairs
have been completed, $75 for a Pest Inspection, $350 for a lead-based paint assessment and inspection
2 ~ Up to 50% of the M[INIIVlUM down payment required by the Partlc~pating Lender based
on the sales price In some instance, a mortgage loan does not require a down payment, however, under
the Homebuyers Assistance Program a minimum of $250 is required as down payment from the
homebuyer
3 .C. tllg. Fdaaa.~la~ Addmonal funds may be available to help homebuyers whose income does not exceed
65% of the area median xncome (See page 9 for Quahfy~ng lncome Limits) and meet gap criteria These
funds are dlstrxbnted and approved by the City (.~Ap Fxnanctng is not meant to be used as a cushion factor
to make the loan more appeahng to the purchaser or mortgage company It is only available when the
action is necessary for the participant to quahfy for a mortgage loan Gap financing can be used for the
following s~tuations
A Assist m the difference between the sales price of the house and the maximum loan the buyer can
afford
B Assist participants to buy down the mterast rate in order to make the mortgage payment affordable
C Assist home buyer with mortgage principal buydown in order to make the mortgage payments
affordable
~ow to Apply for GAP Funds. The mortgage company's cover letter transmitting the apphcation
package must md~cate the followmg mformatxon
A The amount and purpose of gap funds needed by the buyer
B Explanation on how the additional gap funds will assist the buyer
C A detaded explanation from buyers justifying the need for gap financing
V. LEVELS OF ASSISTANCE & OCCUPANCY REQUIREMENTS
1 Moderate Income Households - Maximum $5,000 - 5 years
Homebuyers whose anticipated gross annual household income falls between 80% and 65% of the area
median family income hm~ts can quahfy for a maximum of $5,000 for half of the mm~mum down payment
and eligible closing costs (See page 9 for Qualifying Income Limits) Partic~pants must occupy the home
as their primary residence for five (5) years
2 Low Income Households - Maximum $10,000 - 10 years
Homebuyers whose anticipated gross annual household income fails between 65% and 50% of the area
median family income hm~ts can quahfy for a maximum of $10,000 for half of the mlmmum down
payment, gap financing and eligible closing costs (See page 9 for Quahfymg Income Limits) Participants
must occupy the home as their primary residence for ten (10) years
Guidelines Page 5 of 12
3 Very Low Income Households - Maximum $19,900 - 20 years
Homobuyers whose p~ntl¢lpfltod gross annual household income falls at 50% or below of the area medina
family income hmlts can qualify for a maximum of $19,900 for half of the minimum down payment, gap
financing and ehg~ble closing costs (Se~ page 9 for Qualffymg Income Limits) Maximum HAP assistance
includes $5,000 m Federal Home Loan Bank Funds Participants must occupy the home as thctr primary
residence for twenty (20) years
VI. THE EARNEST MONEY CONTRACT
1 The contract must show an interest rate not to exceed the prevalhng rate
2 All contracts must be subject to a Property Cond~tmn Addendum (PCA) The Earnest Money Contract
must call for an ~ndependent ~nspectmn of all major systems and ~tems that may affect the health and safety
of the occupants The independent mspectmn must be completed by a State Licensed Home Inspection
Company Commtm~ty Developmant Staff will rewew the inspection report and wall determine ~f any
repairs wall be required HAP funds will not be released until all the ~tems of concern have been
adequately addressed
3 Under Special Provisions it must be annotated that the contract ~s subject to the Buyer quahfylng for HAP
assistance
4 Addendum to Sales Contract / Lead-Based Paint Hazards NotlficaUon is reqmred for property constructed
prior to 1978 According to the addendum, a buyer has the option to conduct a risk assessment or
inspection for the presence of lead-based pmnt hazards If the buyer is to pay for thc assessment, this fee
canlbe reimbursed under HAP should the loan be approved by the landing agency
5 Contracts must be properly endorsed by Seller(s) and Purchaser(s) Any changes to the contract must be
dated and initialed by both parties
6 Broker's name and address are reqmred along w~th selhng agent's name and telephone number
7 In some instances, the appraised value of the home wdl not support thc loan A change m contract price
may affect the HAP benefit level The mortgage company must submit a letter indicating the new sales
prmo along with an adjusted Good Faith Estimate (GFE)
VII. GOOD FAITH ESTIMATE
I If, after ~ssumg a commitment, the purchaser changes mortgage companies, we require a letter of transfer
and a rewsed GFE from the new participating lender
2 D~scount points should be pa~d by Seller when at all possible D~scounts points are an eligible costs under
gap financing
3 Most lending agencies rcqmre a non-refundable fee of $300 to $400 to cover an appraisal and a credit
report Should your loan be approved by the landing agency, th~s fee wall be reimbursed under HAP
Gmdelmes Page 6 of 12
VIII. HAP PACKET AND APPROVAL
1 PRELIMINAKY APPROVAL STATUS. Aiter the Part~clpating Lender quahfies the apphcant for a
mo~gage loan, the following reformation is the minimum that must be submitted to the Commumty
Development Office (See address hsted below) for Prehmmary Approval Note Items requested in #2 of
th~s Section (Final Approval) can also be submitted at this time if they are available
A Cover letter, indicating the Buyer's name, property address, amount of HAP funds requested,
antic~pated closing date and considarat~ons for gap financing
B Mortgage Analys~s Sheet/Quahfymg Sheet, copy
C Loan Application, copy
D Verification of Employment, copy
E Most Recent Pay stubs, 2 months, copy
F Verification of Deposits, copy
G Most Recent Bank statements for each account - two months, copy
Filed Income Tax Returns - three years, copy If an income tax return was not filed, a notarized letter
~s needed certifying that a return was not filed
I Addrtional Verification of Income, ~fneeded, copy (Note All sources of income included m the
Section 8 Income Gmdehnes (See page 10) must be verified m writing by the income source if
possible
J Signed HAP Acknowledgment Form
2 FINAL APPROVAL STATUS. The mortgage company and buyer will receive final approval status when
the followmg data has been received and approved by the Community Development Office
A Approval Letter for mortgage loan,
B Home buyer certification of completion of "Successful Home Ownership Workshop" prowded by
Consumer Credit Counsehng
B Earnest Money Contract with appropriate addendums
C Good Faith Estimate,
D Final Settlement Statement,
E Title Pohcy, ( after elosmg) A Commitment for Title Pohcy ~s also acceptable
F Wrong lnstrnetlons
Gmdelmes Page 7 of 12
F Independent Home Inspection Report, copy,
G Property Survey,
H Complete Appraisal Report,
I Coptes of prepmd receipts for expenses pa~d outside of closing for reimbursement (e g, appramsal,
credit report, independent home mnspectton and pest lnspectton fees)
3 The Commumty Development Office ~s under no obhgation to call the participating lender or realtor to
request mformat~on needed to complete a HAP packet
4 If, after ~ssmng a commitment, the purchaser changes mortgage companies, we reqmre a letter of transfer
and a revised Good Faith Esttmate from the new mortgage company
5 Should the purchaser change properties, the information required for final approval needs to be submitted
again along w~th the new earnest money contract and a revised Good Froth Estimate
IX. HAP COMMITMENT
1 Upon recempt of all Prehmmary Approval Status reformation, the Commumty Development Office begins
processing the request for assistance An outhne of our funcUons follows
A Information is rewewed to ensure completeness and accuracy and an ehg~bthty check is performed
(raceme, area, affordabflity, availability of funds, etc )
B Partlc~pattng Lender will receive a Notification of Preliminary Approval for approved apphcants
w~thm 48 hours The prehmmary approval will Include the maximum amount of assistance, final
approval cond~tions and a commttment period of 90 days The commitment may be extended for
addmt~onal time provided the buyer has an acceptable Earnest Money Contract
2 Upon receipt of F~nal Approval Status ~nformatlon, the Commumty Development Office Staffwfll prepare
for closing An outhne of our functtons follows
A Review ~ndependent home inspection to ensure that all major systems were ~nspected and determine
ffany repmrs will are reqmrcd The seller and realtors must be ~nfonned of the program regulations
regarding an independent home ~nspect~on and possible repairs
B An environmental survey ~s conducted to determine ~f the structure ~s located w~thm a clear zone of
a civil a~rport or mthtary a~rfield or ~s m a Special Flood Hazard Area, ere
C Determine ~fthe house has suffietent bwng/sleep~ng space to accommodate family
D Compute the amount of assistance from a final Settlement Statement and request that funds for down
payment, eligible closing costs and gap financing be wire to the title company ~n behalf of home
buyer Assistance ~s sub. leer to completion of all reqmred repairs Please note. A final Settlement
Statement ~s due not later than three business days before closing. Th~s is necessary to prowde
~uffielent t~me for the C~ty to process a wire request
Gmdelmes Page g of 12
E Notify participating lender and title company of the commitment The Participating Lender and the
Title Company will receive a Schedule of Assistance outlining the actual amount of assistance that
will be provided to the buyer
F 'Prepare Homebuyers Assistance Program Deed of Trust and Promissory Note for loan closing
G Submit legal contracts and checks for HAP assistance to title company for closing
I QUALIFYING INCOME LIMITS FOR THE CITY OF DENTON'S 1
FEDERALLY ASSISTED PROGRAMS
Income ehgibdlty for HAP Is determined in accordance with income figures from the HUD list of income figures
from the Dallas SMSA, which includes the City of Denton Participant income ~s calculated using Section 8 income
definition
Family Moderate Income Low Income Very Low Income
Size 80% - 66% AMI 65% - 51% AMI 50% & Below AMI
1 $29,300 - $23,791 $23,790 - $18,301 $18,300 - OR BELOW
2 $33,450 - $27,171 $27,170 - $20,901 $20,900 - OR BELOW
3 $37,650 - $30,616 $30,615 - $23,55l $23,550 - OR BELOW
4 $41,850 - $33,996 $33,995 - $26,151 $26,150 - OR BELOW
5 $45,200 - $36,726 $36,725 - $28,251 $28,250 - OR BELOW
6 $48,550 - $39,456 $39,455 - $30,351 $30,350 - OR BELOW
7 $51,900 - $42,186 $42,185 - $32,451 $32,450 - OR BELOW
8 $55,250 - $44,851 $44,850 - $34,501 $34,500 - OR BELOW
NOTE
All mcgme received on a regular basis must be divulged and verified whether or not it la to be considered
as a bahia for pre_nayment of the primary_ loan.
2 Any property owned by participant will be included m income calculations based on its income potential
3 Co-borrowers/co-mortgagors must meet all HAP eligibility criteria (must not own residential property, gross
income when combined with principal borrower's must be within limits, must occupy the home, ere )
4 Do not count the following households members m determining family size for HAP Income Lumts purposes
foster children, live -in aides and children of hve-m a~ds, unborn children, and children bemg pursued for legal
custody or adoption, who are not currently living wtth the households A child who is subject to a shared-
custody agreement m which the child resides w~th households at lease 50 percent of the time can be counted
Gmdelmes Page 9 of 12
HOUSING AND URBAN DEVELOPMENT
SECTION 8 INCOME REQUIREMENTS
A, Income Inclusions
1 All wages and salartes, overtzme pay, commtssions, fees, tips and bonuses, and other compensation for
personal services (before any payroll deductions),
2 Net income from the operation of a business or profession Expen&tures for business expansion or
amortization of capital indebtedness cannot be used as deductions m determining net raceme, however, an
allowance for deprecmtmn of assets used m a business or professmn may be deducted, based on straight line
deprecmt~ons, as provided m Interoal Revenue Service regulatmns Any withdrawals of cash or assets from
the operation of a business or profasslon is included in raceme, except to the extent the withdrawal is
reimbursement of cash or assets invested m the operation by the Family,
3 Interest, dividends, and other net income of any kind from real or personal property Expenditures for
amort~zat~un of capital mdebtadness cannot be used as a deduction m determ~mng net ~ncome An
allowance for depreciation ~s permitted only as authorized in paragraph (2) ofth~s sect~un Any withdrawals
of cash or assets from an ~nvestment will be included in income, except to the extent the withdrawal is
reunbursement of cash or assets mvested by the Family Where the Famdy has Net Famdy Assets m excess
of $$,000, Annual Income includes the greater of the actual raceme derived from Net Family Assets or a
percentage of the value of such Assets based on the current passbook savings rate, as determined by HUD,
CURRENT PASSBOOK RATE IS 3 3%
4 All gross perlo&c payments received from socml security, annuities, insurance policies, retirement funds,
pensions, &sab~hty or death benefits, and other Sunllar types of periodic receipts, mcludmg lump-sum
payment for the delayed start of a periodic payment (except Social Security),
$ Payments m lieu of earnings, such as unemployment, worker's compensation and severance pay (but see
paragraph(3) under Income Exclusions),
6 Welfare Assistance If the Welfare Assistance payment mcludes an amount specially designed for shelter
and utd~t~es that ~s subject to adjustment by the Welfare Assistance agency in accordance w~th the actual
costs of shelter and utlhtleS, the amount of Welfare Assistance income to be includes as raceme consists
of
a The amount of the allowance or grant exclusive of the amount specmlly designed for shelter or
utthtles, plus
b The maxunum amount that the Welfare Assistance agency could in fact allow the Famdy for shelter
and utihtles If the Family's Welfare Assistance ~s ratably reduced from the standard of need by
applying a percentage, the amount calculated under th~s paragraph ~s the amount resulting from one
apphcatlon of the percentage
7 Pario&c and determinable allowances, such as alimony and child support payments, and regular
con~rthutlons or gifts received from persons not residing in the dwelling Alimony and chdd support
amounts awarded as part ora d~vorce or separation agreement are included as income unless the applicant
(1) certffies that the raceme is not being prowded, and (2) takes all reasonable legal action s to collect
amounts due, and
Guidelines Page 10 of 12
8 All regular pay, special pay, and allowances of a member of the Armed Fomes (whether or not hvmg In the
swelling) who Is head of the Family, spouse, or other person whose dependents are residing m the unit (but
see paragraph 7 under Income Exclusions)
B Income E:{cluslons
1 Income from employment of children 0neludmg foster children) under the age of 18 years,
2 Payments received for the care of foster children,
3 Lump-sum additions to Family assets, such as inheritance, insurance payments (including payments under
health and accident insurance and worker's compensation), capital gmns and settlement for personal or
prope,rty losses (but see paragraph 5 of Income Inclusion),
4 Amounts received by the Family that are specmlly for, or tn reimbursement of, the cost of Medical
Expenses for any Family member,
5 Income ora hve-m aide,
6 Amounts of educational scholarships paid d;rectly to the student or to the educational institution, and
amotlnts paid by the Government to a veteran, or used m meeting the costs of tuition fees, books,
equipment, materials, supplies, transportation, and m,seellaneous personal expenses of the student Any
amount of such scholarships or payments to a veteran not used for the above purposes that is available for
subsistence are to be included in income,
7 The special pay to a Family member serving in the Armed Forces who is exposed to hostile fire,
8 a Amounts received under training programs funded by HUD,
b Amounts received b Disabled person that are disregarded for a hmited time for purposes of
Supplemental Security Income eligibility and benefits because they are set side for use under a Plan
to Attain Self-Sufficiency (PASS), or
c Amounts received by a participant In other publicly assisted programs that are specially for, or m
reimbursement of, out-of-pocket expenses incurred (spemal equipment, clothing, transportation, child
care, etc ) and that are made solely to allow partlmpat~on in a specific program,
9 Temporary, nonmcumng, or sporadic income (including g~fts),
10 Reparation payments from foreign governments in connection with the Holocaust,
11 Lump sum payments of SSI and Social Security benefits, or
12 Amounts specially excluded by any other Federal statue from consideration as income for purposes of
determinmg ehglblhty or benefits under a category of assistance programs that includes assistance under
the 1937 Act
Guidelines Page 11 of 12
HAP PARTICIPATING LENDERS /
Par ~eipating Lenders/Address Contact Person/ Mortgage TranslatOrs/
'l Telephone Number Loans Language
American National Bank Spencer Murphy FHA/VA/ N/A
1565 W Mare St, Suite 468, Lewisvllle TX 75067 (972) 221-7966 Conventional
American Reliance Mortgage Mike Perkins FHA/VA/ N/A
1173 Bent Oaks, Suite 10lA, Denton TX 76205 (940) 320-1363 Conventional
Countrywide Home Loans Hugh Kelly FHA/VA/ Various
2662 N Josey Lane #208, Carrollton TX 75007 (972) 245-2544 FNMA/FHLMC
Cram & Co Mortgage Plus Donna Helms Conventional/ Spanish
614 Edmonds, Suite 105, Lewisvdle TX 75067-3555 (800) 221-2509 VA
First State Bank of Texas Pat Courtney Conventional/ N/A
100 S Locust, Denton TX 76201 (940) 381-7250 FHA/203K
First Federal Savings Bank of North Texas Danny Mitchell FHA/VA/ Spanish
321 W Oak Street, Denton TX 76201 (940) 382-9676 Conventional
First Bankers Mortgage Corp Kenneth Powell FHA/ No
303 N Carroll Blvd, Ste 110 Denton TX 76201 (940) 387-5660 Conventional
Guaranty Federal Bank Lisa Mesa Fannie Mae 3/2 Yes
8333 Douglas Ave, Dallas TX 75225 (214) 360-1969 Spanish
Madison Commerce Mortgage Brett Howard FHA/VA/ Spanish
2430 South 1-35E, Suite 218 Denton TX 76205 (940) 891-1100 Conventional
Merit Mortgage Ine Dana Reynolds FHA/VA/ N/A
325 S Stemmons, Lewisvllle TX 75067 (972) 539-6733 Conventional
Precise Mortgage Serwces, Inc. Carol E Hmton FHA/VA/ N/A
1173 Bent Oak Dr Ste 100, Denton TX 76205 (940) 898-8066 Conventional
Reliance Mortgage Co. Richard LaBabera Conventional/ N/A
120 E McKmney, Denton TX 76201 (940) 381-1987 VA
Stanford Mortgage Company Brian W~lson FHA/VA/ Spanish
2430 S I35E Ste 238, Denton TX 76205 (940) 484-1110 Conventional
Summit Mortgage Rene6 Fairchild Conventional N/A
519 S Carroll Blvd, #A, Denton TX 76201 (940) 381-2523
Sun West Mortgage Co Jeff Ben&g FHA/VA/ N/A
2828 Forest Lane #1125 Dallas TX 75234 (972) 241-7477 Conventional
Texas Bank Jessie Rennaker FHA/VA/203K/ N/A
729 Fort Worth Drive, Denton TX 76201 (940) 383-4600 Conventional
World Savings & Loan Association Richard Hall Conventional Spanish
18333 Preston Rd, Ste 188, Dallas TX 75252 (972) 380-1577
PLEASE NOTE: THIS LIST WILL BE UPDATED AS NEEDED - November 1, 1997
Gmdelmes Page 12 of 12