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MOUNDS VIEW LOAN PROGRAM GUIDELINES <br /> The City of Mounds View EDA is making funds available for homeowners to make improvements to their <br /> properties. The Mounds View Loan Program is designed to supplement existing loan programs available <br /> from MHFA, CEE, private lenders and other housing resources. This program is not intended to be the sole <br /> source of improvement funds available to the City. Center for Energy and Environment shall serve as the <br /> administrator for the Mounds View Loan Program and will secure the most beneficial financing based on <br /> the borrower's needs independent of the funding source. <br /> Residential Home 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 year and is based on household <br /> size. <br /> Amortization Type: Amortizing(Monthly Payments Required) <br /> Loan Amount: Minimum of$2,000 and Maximum of$15,000. <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 10 years. <br /> Eligible Properties: 1-4 unit owner-occupied properties located within the geographical boundaries of <br /> the City of Mounds View.Townhomes and Condominiums are eligible. <br /> Ineligible Properties: Dwellings with more than four units, cooperatives, manufactured homes and <br /> 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, and <br /> Properties held in the name of a business. <br /> Ownership/Occupancy: Owner-occupied only. <br /> Loan-to-Value Ratio: The ratio of all loans secured by the property, including the new loan, should not <br /> exceed 110%of the property value. Half of the improvement value may be added to the initial property <br /> value. <br /> Income Limit: There is no maximum income limit <br />