Applications. To apply for a loan, an applicant shall: Submit a completed application in the form that the Department requires; Supply a copy of the latest income tax return, if appropriate, for each member of the household, or other available verification of any existing household income; and Submit any other information or documentation reasonably requested by the Program in order to establish eligibility and qualifications for a loan. Application or Other Program Fees. The Program may require application fees and loan review fees. Loan Closings. The Program shall establish procedures for closing loans either by the Department directly or by authorized agent. Loan closings shall be scheduled at a time and place acceptable to the Program and the borrower and conducted in a manner acceptable to the Department and the Office of the Attorney General. Title Insurance. The borrower shall provide at closing a standard American Land Title Association Loan Policy that is acceptable to the Program, insuring the Department for an amount equal to the borrower's loan. The title policy shall evidence that title to the home is vested in the borrower, or borrowers as the case may be, and contain only those exceptions and encumbrances acceptable to the Program. Charges and Fees. The borrower is responsible for paying closing costs. Payment may be made directly by the borrower or may be financed by the Program loan in accordance with Regulation .06 of this chapter. Appraisals. The Program may require an appraisal of the value of an eligible residence submitted by an appraiser, and in a form and manner acceptable to the Program. The appraisal may be required to estimate the remaining economic life of the property. If the loan is for purchase and rehabilitation of the eligible residence, the Program may require the appraisal to state the: Value of the property before rehabilitation work is done; and Estimated value of the property after rehabilitation work is completed. Home Buyer Counseling. Each individual borrower receiving a loan may be required to participate in a homebuyer counseling program acceptable to the Department. Borrowers required to participate in a homebuyer counseling program may be required to pay a fee for the program, which fee may be included in the loan amount in accordance with Regulation .06C(5) of this chapter.