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Exhibit I <br />Construction Mitigation Program (RCMP) funds, or other state and federal <br />housing funding. <br />All applicants must be current on their mortgage loans and property taxes. <br />c. Home Inspection <br />The applicable financial institution shall determine what type of home inspection is <br />needed for applicants applying for SHIP funds and a loan from a financial institution. <br />The financial institution shall arrange for the inspections through their established <br />procedures and shall be responsible for all approval contingencies. <br />For Purchase Assistance loans, the following inspections for all existing housing units <br />five years or older are recommended: <br />i. Termite Inspection <br />ii. Roof <br />iii. Plumbing system <br />iv. Electrical system <br />V. Heating and air conditioning system <br />All inspections must be performed by public service licensed inspectors, registered or <br />certified residential, building, general contractors, or licensed trade contractors as <br />appropriate. The county's staff shall review home inspection reports requested by the <br />county to determine the condition of the home. <br />Based on the results of the home inspection reviewed by the bank or the county, one of <br />the following three actions will be taken: <br />i. If the home is in good condition, the purchase assistance loan application will be <br />submitted to the loan review committee for approval; or <br />ii. If the home needs some rehabilitation work, the applicant may receive a <br />combination of purchase assistance and a rehabilitation loan. A combined purchase <br />assistance and rehabilitation loan application will be submitted to the loan review <br />committee for approval; or <br />iii. If the home is in excessive disrepair and cannot be fixed, the loan application will <br />not be approved. <br />Home inspection charges are considered to be eligible closing cost expenses and <br />payable through SHIP funds. In cases where the county requests a home inspection, <br />but due to the home's condition, a purchase assistance loan cannot be approved, the <br />home inspection cost will be paid through the administration portion of SHIP funds. <br />- 3 - <br />111 <br />