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10 -EDA -262 <br /> Exhibit A <br /> MOUES �VIBV <br /> Economic Development Authority (EDA) <br /> General Home Repair Loan Criteria <br /> EDA Approved November 22, 2010 <br /> The purpose of this loan is to provide loans for general home repairs to owner occupied <br /> single family or duplex homes in Mounds View. <br /> Loan Amount From $1,000 to $10,000 <br /> Loan Security All loans will be secured by a mortgage in favor of the City. The loan <br /> may be secured in a subordinate lien position behind the borrower's <br /> existing rime /A -rated fixed rate mortgage. <br /> Interest Rate The interest rate is fixed at 3 The monthly payment is fixed. <br /> Loan Term The maximum loan term is 10 years, however, the loan shall become due <br /> upon sale, transfer of title or refinancing of the property, whichever <br /> occurs first. <br /> Income Limit The applicant's total gross annual household income shall not exceed <br /> 80% of the current year area median household income as defined by <br /> HUD per household size, as follows: <br /> Household Size Income Limit <br /> 1 $45,100 <br /> 2 $51,550 <br /> 3 $58,000 <br /> 4 $64,400 <br /> 5 $69,600 <br /> 6 $74,750 <br /> 7 $79,900 <br /> 8 $85,050 <br /> Loan to Value The borrower's combined mortgage debt including the Mounds View loan <br /> cannot exceed 90% of the property value based on the taxable market <br /> value as determined by Ramsey County for the current year. Applicants <br /> may also submit a third party appraisal that has been completed within <br /> the last 6 months. Such an appraisal is to be obtained by the applicant at <br /> their expense. <br /> Debt to Income' 50% <br /> Eligible Mounds View owner occupied single family duplex properties <br /> Pro erties <br />