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10 -EDA -263 <br /> Exhibit A <br /> M0U_NDtSVICDO V <br /> Economic Development Authority (EDA) <br /> Code Enforcement Home Loan Criteria <br /> EDA Approved November 22, 2010 <br /> The purpose of this loan is to provide loans for owner occupied single family or duplex <br /> properties in Mounds View that have been required by the City of Mounds View to bring their <br /> properties into compliance with the City Code. <br /> Loan Amount From $1,000 to $7,000 <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 0 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, refinancing of the property, whichever occurs <br /> first. <br /> Loan to Value The borrower's combined mortgage debt including the Mounds View <br /> loan cannot exceed 100% of the property value based on the taxable <br /> market value as determined by Ramsey County for the current year. <br /> Applicants may also submit a third party appraisal that has been <br /> completed within the last 6 months. Such an appraisal is to be obtained <br /> by the applicant at their expense. <br /> Debt to Income 50% <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 /> Eligible Mounds View owner occupied single family or duplex properties <br /> Properties <br />