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Mounds View Home Improvement Loan Program Criteria <br />Draft 6 <br /> <br />Page 5 of 8 <br />Additional Criteria & Guidelines <br />General Home Repair & Code Enforcement Loans Only <br /> <br />Income Limit: <br />The total gross annual household income cannot exceed 80% of the current area <br />median household income, as defined by HUD per household size, as follows: <br /> <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 /> <br />Property Eligibility: <br /> Owner-occupied single-family, two-family or duplex properties located in the <br />City of Mounds View. <br /> Condominiums & townhouses are eligible for individual interior repairs only. <br /> Borrower’s existing first mortgage must be a prime/A-rated fixed rate <br />mortgage loan. <br /> The borrower’s combined mortgage debt including the Mounds View loan <br />cannot exceed 90% of the property value to qualify for the General Home <br />Repair Loan and cannot exceed 100% of the property value to qualify for the <br />Code Enforcement Loan. This is based on the taxable market value as <br />determined by Ramsey County for the current year. Applicants also may <br />submit a third party appraisal that has been completed within the last 6 <br />months. Such an appraisal is to be obtained by the applicant at their <br />expense. <br /> <br />Ineligible Improvements: Recreational/luxury improvements, working capital, debt <br />service or refinancing of existing debts. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />