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37 <br />CITY OF ST. ANTHONY <br />OWNER OCCUPIED REVOLVING LOAN PROGRAM <br />PROGRAM GUIDELINES <br />Loan Pool: The City of St. Anthony is making funds available for exterior and interior home <br />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 "0 3% interest. <br />Eligible Properties: All properties must be located within the City of St. Anthony. Owner -occupied <br />single-family and duplex properties are eligible. Owner occupants of condominiums and townhouses <br />will be eligible for this program. <br />Loan Amount: The maximum loan amount is $10,000. A household may receive only one !a . <br />more than one loan as long as they are current on their existing loan and the sum of the two loans <br />does not exceed the maximum loan amount of $10, 000. <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 Amortization: Fully amortized principal and interest payments will be due monthly based on <br />the Interest Rate and Loan Term. <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 are originated by the Greater Metropolitan Housing Corporation <br />(GMHC) HousingResource CenterTm — North. Loans will be approved or denied by the <br />HousingResource Center (HRC) based upon review of a credit report and according to the following <br />criteria which has been established by the City of St. Anthony. <br />COocuments and Setiingslbarb_suciulLocal SettingsUemporary Inteniet FileslConjent.Outlook\FdMUOQR91StAnthonyRevolvingGuidelinesFinal.doe Rev. 3- <br />27-12 <br />