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shall be delivered at the time of closing, whereby the transaction transferring ownership of the eligible housing unit to the eligible person is completed. Downpayment/closing cost loans shall not be provided for the acquisition of housing units requiring rehabilitation prior to approval for occupancy by residents unless the rehabilitation loan is provided through SHIP funds in conjunction with the downpayment/closing costs loan. As structured, the LHAProgram does not require an applicant to provide a minimum monetary contribution towards the downpayment or closing costs. This LHAProgram policy, however, does not exempt an applicant from a financial institution's minimum monetary contribution requirement, if applicable. For purchase of a house financed by the owner, the applicant, as part of the loan application process, will be required to pay for a credit report. Except as otherwise provided for herein, SHIP funds shall not be provided to any household where that household's projected monthly housing cost, including mortgage principal, interest, taxes, and insurance, will exceed 30% of the household's gross income, or where the household's total debt will exceed 41% of the household's gross income. The monthly housing cost to gross income ratio may exceed 30% and the total debt to income ratio may exceed 41% if the first mortgage lender is satisfied that the applicant household can afford mortgage payments that exceed the 30% frontend and 41% backend benchmarks. In such a cases, the first mortgage lender must inform the county in writing of its determination. This determination must be based on specific characteristics applicable to the applicant such as the applicant's debts being short term, the applicant having a good history of debt management, or other pertinent reasons. These requirements apply to all income categories. No SHIP funds will be provided to households for downpayment/closing costs when the household's housing cost to income ratio will be lower than 20%, unless a housing cost to income ratio lower than 20% is needed to ensure that the household's total debt to income ratio will not exceed 41%. In cases where a household's housing cost to income ratio is to be less than 20%, the financial institution providing the first mortgage shall provide sufficient written proof to the county to justify that the additional downpayment is needed to ensure that the household's total debt to income ratio will not exceed 41%. For very low and low income applicants, the Loan Review Committee may reduce the housing cost to income ratio to less than 20% and increase the total debt to income ratio to more than 41% if circumstances warrant 7n