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"Underwrit6nq Decision: The HousingResource Center (HRC) will determine applicant's eligibility <br />based �ip�n review of financial and property information according to guidelines established by the <br />Roseville Housing & Redevelopment Authority (RHRA). <br />1. Rental property real estate tax payments must be current. <br />2. Property insurance is current <br />3. No defaulted government loans. <br />4. Mortgage or Contract for Deed payments must be current; Contract for Deed must be <br />recorded. <br />5. Personal Credit meets GMHC underwriting requirements. <br />6. Property financial information meets Program requirements. <br />RHRA will determine final loan approval. <br />Enerqy Audit: Prior to loan closing, all applicants are required to obtain and have an Energy Audit <br />completed for the property. <br />Closinq Documents: Documents will be executed by owners or, if partnerships or corporations, by <br />signers designated through owner documents. Principals of partnerships or corporations will be <br />required to personally sign as guarantors of the loan. <br />Eliqible Improvements: A Housing Quality Standards (HQS) Inspection will be completed by the <br />HRC as required by the City of Roseville. All improvements completed with Roseville Multi-Family <br />Rental Program funds must be permanent general improvements, defined as additions, alterations, <br />renovations, or repairs on or in connection with existing structures, which materially preserve or <br />improve the basic livability, safety, or utility of the property. In addition, all properties must have the <br />Roseville Community Relations Coordinator review improvements for crime prevention. <br />Ineliqible Improvements: This includes recreational or luxury improvements, working capital, debt <br />service or refinancing existing debts and other work items determined by HRC to be ineligible. <br />Borrower Fees: Borrower will pav all credit report fees, title fee, HQS inspection, enerqv audit <br />fee and Ramsev Countv mortqaqe filinq and reqistration fees. <br />UNDERWRITING PROCESS <br />After the application and all required documents are received, the HRC will verify that applicant, <br />property, tenant requirements, ownership, income, underwriting and loan-to-value requirements as <br />established by the RHRA are met. <br />When the HRC has completed the above, the loan file will be forwarded to the RHRA for final <br />approval. Once the final approval has been received the borrower will be notified contacted by the <br />HRC to schedule the loan closing and the signing of a Note and Mortgage. <br />DO NOT SIGN ANY CONTRACTS OR START YOUR PROJECT UNTIL A CLOSING HAS TAKEN PLACE. <br />ANY P140JECT BEGUN BEFORE A LOAN CLOSING WILL BE 1NELlGIBLE FOR PARTICIPATION IN THE <br />PROGRAM! <br />GMHC's HousingResour�ce Center No�thMetNo is the progr�am ad�ninistrator. <br />Please call the HousingResou�ce Center's const�uction and loan consultants at <br />(651) 486-7401 to answe� any questions about the program and you� p�oject. <br />F:AC�on�uion\Suburban\Roseville�ARei�t�JRehab\ProgramGtiidelines <br />GMHC PeU 17. 2009 <br />