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For rehabilitation loans, after the recorded documents are returned from the county courthouse, staff <br />sends a notice to proceed to the contractor. The contractor then pulls building permits and completes <br />the work. The appropriate jurisdiction's building department inspector inspects the completed work, <br />and the contractor sends the county or the housing inspector, if a major rehabilitation project, the final <br />invoice, final contractor affidavit, contractor final waiver of lien, sub -contractor final waiver of lien <br />(if applicable), approved final inspection(s), and a final satisfaction from the owner. <br />For loans that are paid back and for loans that terminate after affordability timeframe, staff will <br />prepare and record a Satisfaction of Mortgage. <br />• Local Loan/Applicant Requirements <br />Eligible persons or sponsors applying for participation in the County's SHIP Program in addition to <br />State requirements, shall comply with the following local requirements: <br />a. Asset Verification <br />Total household's assets (cash or non-cash items that can be converted to cash) not <br />including IRA, Keogh and similar retirement savings accounts of an eligible <br />household applying for SHIP' assistance shall not exceed twenty thousand dollars <br />($20,000.00). <br />b. Credit Verification <br />1. Credit Requirement for Purchase Assistance Loans <br />For applicants applying for both a SHIP purchase assistance loan and a loan <br />from a financial institution, the applicable financial institution shall determine <br />whether each applicant's credit is satisfactory based upon the applicable <br />financial institution's credit standards. Applicants that received a purchase <br />assistance loan, but foreclosed on the first mortgage, are not eligible to re -apply <br />for another SHIP purchase assistance loan. <br />2. Credit Requirement for Rehabilitation and Impact Fee Loans <br />Applicants for rehabilitation and impact fee loans will be deemed to have <br />satisfactory credit if the applicable title search report shows that there is no <br />active lien, judgment, or foreclosure action against the applicant or applicant's <br />property. <br />For rehabilitation loans to very low and low income households using SHIP <br />funds as match for CDBG funds, Residential Construction Mitigation Program <br />(RCMP) funds, or other state and federal housing funding, no credit <br />requirements shall apply. , <br />All applicants must be current on their mortgage loans and property taxes. <br />41 <br />