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loan from a financial institution, the applicable <br />financial institution shall, based on its appraisal <br />report and/or internal policy, determine what type <br />of home inspection is needed. The financial <br />institution shall arrange for the inspections <br />through their established procedures and shall be <br />responsible for all approval contingencies. <br />For owner financed loans, the county shall require <br />a termite inspection for all existing housing units <br />to be purchased with SHIP funds. The county shall <br />also require the following inspections for all <br />existing units five years or older to be purchased <br />with SHIP funds: <br />- Roof <br />- Plumbing system <br />Electrical system <br />Heating and Air conditioning system <br />All county required inspections must be performed <br />by public service licensed inspectors; registered <br />or certified residential, building, or general <br />contractors; or licensed trade contractors as <br />appropriate. Home inspection reports requested by <br />the county shall be reviewed by thecounty's <br />building officials to determine the condition of <br />the home. <br />Based on the results of the home inspection review <br />by the bank or the county, one of the following <br />three actions will be taken: <br />If the home is in good condition, the <br />downpayment/closing cost loan application will <br />be submitted to the loan review committee for <br />approval; <br />If the home needs some rehabilitation work and <br />if the applicant is eligible to receive a <br />combination downpayment/closing cost and <br />rehabilitation loan, a combined downpayment/ <br />closing cost,and rehabilitation application <br />will be submitted to the loan review committee <br />for approval; or <br />If the home is in excessive disrepair and <br />cannot be fixed, the loan application will not <br />be.approved. <br />Home inspection charges are considered to be <br />eligible downpayment/closing cost expenses and <br />payable through SHIP funds. In cases where the <br />county requests a home inspection, but due to the <br />condition of the home a downpayment/closing cost <br />loan cannot be approved, the cost of the home <br />inspection will be paid through the administration <br />56 <br />