Laserfiche WebLink
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/Occupanck 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 />