The agency may not charge an application fee in connection with the loans authorized by this chapter. However, if an application is approved, the agency shall include in the principal amount of the loan an amount sufficient to cover closing costs and the cost of:

1. (1) bringing the title to date;
2. (2) obtaining title insurance or a title opinion from counsel;
3. (3) appraisal; and

4. (4) any necessary permits.

   [Pre-Local Government Recodification Citation: 18-7-7.5-7.]

   As added by Acts 1981, P.L.309, SEC.35.