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Loan Costs: A credit report fee paid by applicant at time of application; mortgage <br /> registration tax and filing fee and title policy paid by borrower at closing. The title policy <br /> may be financed through the loan. <br /> Contractors Permits: Contractors must be properly licensed by the state of <br /> Minnesota when required. Permits must be obtained when required by city code. <br /> Total Project Cost: It is the borrower's responsibility to obtain the amount of funds <br /> necessary to finance the entire cost of the work. If the final cost exceeds the loan <br /> amount, the borrower must obtain the additional funds. Borrower's contribution to <br /> project cost must be paid prior to release of loan funds. HRC can direct borrowers to <br /> additional financing sources. <br /> Work Completion: Weather permitting, work must be completed within 120 days of <br /> loan closing. <br /> Disbursement Process: Loan funds will remain in escrow at GMHC until payment for <br /> completed work. The following items must be received before the funds can be <br /> released: <br /> 1. Final Invoice from each contractor showing all amounts paid and due. <br /> 2. Lien Waiver. Original from each contractor. <br /> 4. Completion Certificate signed by each contractor and the borrower. <br /> 5. Permits Closed. Have the inspector sign the permit card, or have the <br /> inspector leave a message at the HRC (651) 228 -1077. <br /> 6. Final Inspection and approval by the HRC. <br /> It may take up to 10 business days after receipt of above items to prepare checks. <br /> Payment checks to contractors must be countersigned by the borrower. Lien waivers <br /> must be provided before the funds will be released. <br /> Code Enforcement <br /> Page 3 of 3 <br />