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<br /> Economic Development Authority (EDA) <br /> <br />General Home Repair Loan Criteria <br />Draft 8 - November 22, 2010 <br /> <br /> <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 /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Loan Amount From $1,000 to $15,000 <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 prime/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, refinancing of the property, whichever occurs <br />first. <br />Income Limit The applicant’s total gross annual household income shall not exceed <br />80% of the current area median household income as defined by HUD <br />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 /> <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 <br />Properties <br />Mounds View owner-occupied single-family & duplex properties