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III <br /> <br />the Bank at the time of loan funding so that the <br />finance charge payable by the borrower shall be <br />4, 7, or 10% depending on the applicant's quali- <br />fications. <br /> <br />Rates to be charged as determined by Bank, prior <br />to any interest subsidy, but not to exceed maximum <br />rate as permitted by regulation under FHA Title I <br />Program. <br /> <br />In cases where a borrower prepays a loan, Bank <br />shall refund to the Locality the unused prepaid <br />interest subsidy, providing that such refund <br />exceeds $50.00. Refund to be calculated based on <br />the Rule of 78ths method. <br /> <br />Loan Documentation and Disbursement <br /> <br />Locality obtains a dated and signed rehabilitation <br />contract. The contract must specify the type of <br />improvements and the itemized cost of those <br />improvements. If the property owner performs the <br />work himself or herself, the Locality must certify <br />the rehabilitation specifications and the itemized <br />cost of each improvement. <br /> <br />Locality forwards the executed contract or Locality- <br />certified specifications to Bank with a request for <br /> <br />loan documents. <br /> <br />-3- <br /> <br /> <br />