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<br />Firstar Roseville Blank
<br />FirzsTA.2
<br />March, 110 r, 11992
<br />a g Waldron
<br />tiy Econon, sic Development of f icer
<br />Communi
<br />,Ciit,y of Roseville
<br />26610 Civilic center Driive
<br />AN
<br />Nosevillet, MN 51511,3
<br />1 0
<br />I am requesting to make the f ollowing changes on the Roseville Home
<br />Improvement Program,* The change would entail an increase of. the
<br />interest rate, from, 11 over prime to 2% over, prime, Currently prime
<br />rate is at 6,,5% and the borrowers 'increase would be from 7.5% to
<br />I ligned to complement the MHFA
<br />,Since this piriog,ram was originally des
<br />L import
<br />loans, it J s, I ant to keep the interest rate d if f erent Ila! as
<br />sma,l,l as possibile and yet still, bile atitractive to the borrowers I.
<br />MHFAI's current interest rate schedule is as follows.-@
<br />we have f lound tihe' spread between 8 * 5 and 9,. 75 easy to justify
<br />because, of' the small, d "if f erencei it would make in the monthly
<br />payments For example The payment on. a $6,r 000 -e 00 loan at SI, 5-%
<br />for, 6 years would bq. $107 a 00 . while the payment .at 9,5% for the
<br />same amount and term, would be at $110,. OiO a month,.
<br />We would 1 il"ke to ad,veirtize this progriam this spring and would
<br />appreciateyour tilmely response..
<br />Sincerelyi,
<br />ol
<br />Paolmaes 3E., Ostlunid
<br />Pre�s i dent
<br />JEO: cr,s
<br />Roisevil�le Office-,, 2100 Snelling Avenue North, Rosevillie. Minnesota 5511113 6112/'631-1300
<br />Arden Hilisi-Shoreview Office: 4061 Lexing+.or.. Avenue Noirth, Arden Hdils, Minnesota 55126 612-11-9500
<br />Rosedalle Office. 349 Rosedale Center, Roseville. Minnesola,55'11',�,3 6112 " /6131-1300
<br />Drive lin- 1445West,CountyRoad B, Roseville. Minnesiota i0
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