Laserfiche WebLink
Mounds View Home Improvement Loan Program Criteria <br />Draft 6 <br /> <br />Page 6 of 8 <br />Additional Criteria & Guidelines <br />Emergency Deferred Loans Only <br /> <br />Program Purpose: The purpose of this loan is to provide financial assistance to <br />homeowners that are in hardship financial circumstances, are unable to get money <br />from other sources and have a serious health and safety home repair situation that <br />poses a threat to residents if not addressed immediately. <br /> <br />Income Limit: The total gross annual household income cannot exceed 50% of the <br />current area median household income, as defined by HUD per household size, as <br />follows: <br />Household Size Income Limit <br />1 $29,400 <br />2 $33,600 <br />3 $37,800 <br />4 $42,000 <br />5 $45,400 <br />6 $48,750 <br />7 $52,100 <br /> <br />Property Eligibility: <br /> Owner-occupied single-family, duplex properties or manufactured homes <br />located within the 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. This criteria does not apply to mobile home owners. <br /> The borrower’s combined mortgage debt including the Mounds View loan <br />cannot exceed 100% of the property value, based on the taxable market <br />value as determined by Ramsey County for the current year. Applicants also <br />may 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 /> <br /> <br /> <br /> <br /> <br />