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Application Process <br />Application Process: Completed applications will be processed by NeighborWorks Home Partners <br />on a first-come, first-served basis, as funds are available until all program funds are committed. <br />After loan approval, you will be notified to come for a loan closing to sign a Promissory Note, <br />Lien, and subordination disclosure. <br />Loan Costs: Borrowers will be charged a credit report fee at time of application. Additional fees <br />will be disclosed in the Loan Estimate. <br />Contractors & Permits: Contractors must be properly insured and licensed by the State of <br />Minnesota when required. Permits must be obtained when required by city code. Borrowers <br />must attain two written bids and can seek assistance from NeighborWorks Home Partners in this <br />process. Owner work is not allowed. <br />Total Project Cost: It is the borrower’s responsibility to obtain the amount of funds necessary to <br />finance the entire cost of the work. If the final cost exceeds the loan amount, the borrower must <br />obtain the additional funds. Borrower’s contribution to project cost must be paid prior to release <br />of loan funds. <br />Work Completion: Weather permitting, work must be completed within 120 days of loan closing.