Laserfiche WebLink
3. Roseville would have the exclusive use of the allotments for 6 months. <br /> Following the expiration of the 6 months, all remaining allotments will be <br /> collapsed into a single, statewide pool available to all participating cities for <br /> the remaining 2 months. <br /> 4. Borrower income limits may not exceed 0% of the median income as <br /> determined by the Department of Housing and Urban Development which is <br /> currently $48,640 for a family of four. <br /> 5. The total purchase price of the home may not exceed $95,000. <br /> 6. Eligible Cities must have negotiated affordable and life cycle housing goals <br /> with the Metropolitan Council. <br /> 7. Borrowers under the M PP will have access to MHFA's Homeownership <br /> Assistance Fund (HAF) which is are interest free, graduated payment second <br /> mortgage loan. HAF provides lower income first-time home buyers with <br /> downpayment and closing cost assistance. <br /> 2.4 Program Administration: <br /> . Home mortgage loans are to be originated by participating lenders and <br /> bought by MHFA in accordance with the MHFA Mortgage Program <br /> Procedural Manual. There are three participating mortgage lenders in <br /> Roseville F, BankAmerica and North star). By choosing only these <br /> lenders, other banks are unable to participate in the program until next year. <br /> If we choose to allow any participating lender to service Roseville loans, <br /> current nonparticipating Roseville bank can chooses to participate prior to <br /> the expiration of the term. <br /> 2. There will be a processing fee of 0 for each $100,000 allotment provided. <br /> If awarded the funds, staff if proposing to tale the processing fee from the <br /> housing fund. <br /> 3. The City of Roseville will provide marketing of the program with press <br /> releases direct mail and newsletters. In addition, MHFA also markets the <br /> program statewide. <br /> RCA—LAPP 02/23198- Page 2 of 3 <br />