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<br />Exhibit A4 Page 8 <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />DOCSOPEN\MU205\13\821952.v1-9/8/22 <br /> <br /> Residential Mobile Improvement Loan Program <br /> <br /> <br /> <br />Interest Rate: 3% for households with income less than or equal to 80% of HUD Area Median Income <br /> 4% for households with income greater than 80% of HUD Area Median Income <br /> <br />***Income shall be determined by projected income for the next 12 months and is based on <br />household size. <br /> <br />Amortization Type: Amortizing. Closed-end (Monthly Payments Required) <br /> <br />Loan Amount: Minimum of $2,000 and Maximum of $10,000. <br /> <br />Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the <br />size of the loan and the borrower’s ability to repay the loan. The minimum term is 1 year; the maximum <br />term will be 7 years. <br /> <br />Eligible Properties: Residential mobile homes located within the geographical boundaries of the City of <br />Mounds View. <br /> <br />Ineligible Properties: Non owner-occupied , cooperatives, time shares, properties held in the name of a <br />trust and properties used for commercial purposes. <br /> <br />Eligible Borrowers: All borrowers must be legal residents of the United States, as evidenced by a social <br />security number, Including: U.S. Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens. <br />TAX IDENTIFICATION NUMBERS (ITIN) ARE NOT ACCEPTABLE. <br /> <br />Ineligible Borrowers: Including but not limited to: - Foreign Nationals, Non-Occupant Co-Borrowers, <br />and Properties held in the name of a trust or business. <br /> <br />Ownership/Occupancy: Owner- occupied only. <br /> <br />Loan - to - Value Ratio: Not applicable <br /> <br />Income Limit: There is no maximum income limit. <br /> <br />Debt - to - Income Ratio: Applicant must have the ability to repay the loan. An applicant who has a debt <br />to income ratio in excess of 50% will be ineligible to receive financing. <br /> <br />Credit Requirements: 1) All mortgage payments must be current and reflect no 30 day late payments <br />history in the past 12 month period (without reasonable explanation) 2) All real estate taxes must be <br />current. 3) No outstanding judgements or collections. 4) Bankruptcy must have been discharged for at <br />least 18 months prior to loan closing. 5) The redemption period on prior foreclosures must have <br />occurred at least 18 months prior to the loan application date. 6) Generally, no more than two 60-day