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<br /> <br /> <br />General Home Improvement Loan <br />Page 3 of 4 <br />Application & Loan Disbursement Process <br /> <br />The Housing Resource Center’s (HRC) North & East Metro office is the program <br />administrator. Please call the HRC’s construction and loan consultants at 651-486- <br />7401 to answer any questions about Mounds View’s loan program and/or your project. <br /> <br />GMHC Housing Resource Center North & East Metro <br />1170 Lepak Court <br />Shoreview, MN 55126 <br />Phone: 651-486-7401 <br />Fax: 651-486-7424 <br /> <br /> <br />DO NOT SIGN ANY CONTRACTS OR START YOUR PROJECT UNTIL A <br />CLOSING HAS TAKEN PLACE. ANY PROJECT BEGUN BEFORE A LOAN <br />CLOSING HAS TAKEN PLACE WILL BE INELIGIBLE FOR PARTICIPATION IN <br />THE PROGRAM. <br /> <br /> <br />Application Process: Completed applications will be processed by the HRC’s North & <br />East Metro office on a first-come, first-served basis, as funds are available until all <br />program funds are committed. After loan approval you will be notified to come to the <br />HRC for a loan closing to sign a Note and Mortgage. <br /> <br />Rehabilitation Consulting: HRC consultants will be available to advise borrowers <br />about proposed projects and conduct an optional initial home inspection. HRC will <br />review bid(s) for reasonableness. <br /> <br />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 /> <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 /> <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 /> <br />Work Completion: Weather permitting, work must be completed within 120 days of <br />loan closing. <br />