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Residential Mobile Improvement Loan Program <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 /> 'Income shall be determined by projected income for the next 12 months and is based on <br /> household size. <br /> Amortization Type: Amortizing. Closed-end (Monthly Payments Required) <br /> Loan Amount: Minimum of$2,000 and Maximum of$10,000. <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 /> Eligible Properties: Residential mobile homes located within the geographical boundaries of the City of <br /> Mounds View. <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 /> 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 /> 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 /> Ownership/Occupancy: Owner-occupied only. <br /> Loan-to-Value Ratio: Not applicable <br /> Income Limit: There is no maximum income limit. <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 /> 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 <br /> Exhibit A4 Page 8 <br /> Agreement between the City of Mounds View and Center for Energy and Environment <br />