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36Families may deduct $2,500 from their annual gross income for each child in the home. <br />37 <br />Household Size 120% AMI (2014) <br />1 $69,720 <br />38 <br />2 $79,680 <br />39 <br />3 $89,640 <br />40 <br />4 $99,480 <br />41 <br />5 $107,520 <br />42 <br />6 $115,440 <br />43 <br />7 $123,360 <br />44 <br />8 $131,400 <br />45 <br />46 <br />Loan Amount: The maximum loan amount is $20,000. <br />47 The maximum principle <br />48amount of a Roseville Home Improvement Loan, when combined with the outstanding <br />49balance(s) of any existing Roseville Loan (s), must not exceed $25,000. <br />Green Design Incentive <br />50: Any improvement that includes concepts of Green building <br />51such as energy efficiency, resource efficiency (including durability), in-door environment <br />additional loan amounts up to $5,000 to <br />52quality and water conservation may receive <br />cover costs <br />53 associated with the improvement. Improvements must be attached to the <br />54house excludes rain gardens and sprinkler systems. <br />Interest Rate4 % interest <br />55: The loans will be at . <br />Balance of Loan Fund: <br />56 Current available loan balance is roughly $600,000. <br />57These loans are not granted to properties with an existing reverse amortization mortgage, <br />58interest-only option mortgage, or other negative amortization mortgage product or <br />59products. <br />60 <br />Other Loan Options <br />61 <br />62Roseville residents have three (3) sources for loans when considering home <br />63improvements: County, State, and City loan programs. These programs vary in terms of <br />64the interest rate available, the income qualification guidelines, and the maximum loan <br />65amount. The following chart summarizes the loan programs. <br />66 <br />RosevilleRamsey County MHFA Fix-up Loan <br />LoanLoan <br />Doc Preparation Fee $75 $0 $50 <br />Title $100 $100 $100 <br />Borrower Paid $350 $0 $250 or 1% Loan <br />Origination Fee Amount <br />Recording Fee $46 $46 $92 <br />Credit Fee $15 $15 $15 <br />Loan-to-Value 115% 110% 110%* <br />Debt-to-Income 55% None 48% <br />Maximum Loan $25,000 $15,000 $15,000-$50,000** <br />Maximum Term Loan 10years 10years *** 10-20 years <br />Roseville Home Improvement Loan Program (10-21-14) - Page 2 of 3 <br /> <br />