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18 <br /> DRAFT <br /> CITY OF ST. ANTHONY <br /> OWNER OCCUPIED REVOLVING LOAN PROGRAM <br /> PROGRAM GUIDELINES <br /> Loan Pool: The City of St. Anthony is making approximately $100,000 available for exterior and <br /> interior home improvements in St. Anthony. <br /> Program Overview: The loan program is designed to supplement existing loan programs available <br /> from MHFA, Ramsey and Hennepin County, private lenders and other similar sources. Eligible work <br /> shall include repairs, replacement or new construction that will: <br /> 1. Improve the exterior and/or interior of the property. <br /> 2. Correct local or state code deficiencies, health and safety items. <br /> 3. Improve handicap accessibility. <br /> ,4. Reduce long-term maintenance and energy costs. <br /> Interest Rate: The loans will be at 4 % interest. <br /> Eligible Properties: All properties must be located within the City of St. Anthony. Owner-occupied <br /> single and duplex properties are eligible. Owner occupants of condominiums and townhouses will be <br /> eligible for this program. <br /> Loan Amount: The maximum loan amount is $10,000. A household may receive only one loan. <br /> Loan Term: The maximum loan term is 7 years. Generally the term will be one year for every one <br /> thousand dollars borrowed. <br /> Loan Security: All loans will be secured by a mortgage in favor of the City. <br /> Debt -to - Income Ratio: . Applicants must have the ability to repay the loan. Applicants who have a <br /> potential "debt - to - income ratio" in excess of 48% will be denied loan financing. <br /> Loan -to -Value Ratio: Applicants who have a potential."loan - to - value" ratio in excess of 100 % <br /> will be denied loan financing. <br /> Underwriting Decision: Loans will be approved or denied by the HousingResource Center (HRC) <br /> based upon review of a credit report and according to the following criteria which has been <br /> established by the City of St. Anthony. <br /> 1. No outstanding judgements or.collections. <br /> 2. Real estate tax payments must be current. <br /> 3. No defaulted government loans. <br /> 4. Mortgage (or contract for deed).payments must be.current. <br /> 5. Generally, no more than two 60-day lates on credit report. Any 90-day late requires a document <br /> explanation and acceptable reasons; medical, unemployment, divorce. <br /> 1 <br /> FACommon\Suburban\St. Anthony\Revolving Loan\Revolving R.V. Pack\R.V.Guidelines-Revolve.doc 9/9/02 SW <br />