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" Jun 06 02 04: 17p GMMHC 612-339-0608 p.3 - Thank you for your interest in the property at 2018 Hamline Avenue North in Roseville, Minnesota. The HousingResource Center (a service of the Greater Metropolitan Housing Corporation) in partnership with the city ofRoseville, is building a 4-bedroom, 2 112 bath home for an owner-occupant household meeting the requirements of first-time buyer status and 80% of Median Family Income (for the household) based on U.s. Housing and Urban Development (HUD) guidelines. This two-story home will be sold for $180,000. An elevation drawing ofthe home is included as well as income guidelines. NOTE: If the prospective purchasing household's maximum mortgage qualification amount is lower than the $180,000 sale price, a second 0% mortgage up to $20,000 may be availablc to make up the difference (one household member must be employed within Ramsey County to use this mortgage). An additional 0% mortgage of $85,000 will be placed on the property which is the difference between the $180,000 sales price and the $265,000 appraised value. Both mortgages will become due upon the termination of the first mortgage or if the property becomes rental or non-homestead. We will also require that GMHC have the first right of refusal for purchase of the home upon owner sale. As you are aware, there is a strong interest ftom many parties to purchase this property. To determine whether you initially meet the income requirements and have the necessary income to qualify for the purchase, please call our marketing agent, Paul Sigurdson, Counselor Realty. 612/723-2502. He can go through the guidelines and income requirements per family size, etc. to determine if you will meet the initial guidelines for the program. When tbe house is more complete we plan to hold an open house for those who are interested in the purchase. Within two weeks of the open house. those interested and qualified must submit the following: A pre-approval letter from a lending institution showing: a) verification of the first-time buyer status (prospect(s) must submit tax returns to lending institution b) Income verification c) Credit-approval d) Maximum mortgage qualification amount with housing ratios included. First-time homeowners must complete homeownersmp classes prior to closing. If more than one submission is received, a public drawing will be held to determine the buyer. You will be notified of the required date of submission and date and location ofthc public drawing when we send out the notice ofthe open house. Please forward submission to Carolyn Olson at Greater Metropolitan Housing Corporation (GMHC) at 15 South 5th Street, Suite 710, Minneapolis, MN 55402. Again, please contact our marketing representative Paul Sigurdson at your earliest convenience. Thank you for your interest in the purchase of this new home. If you have other questions, please call me at 612/339-8703. Sincerely, Carolyn E. Olson President