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CITY OF ROSEVILLE HRA <br />OWNER OCCUPIED REVOLVING LOAN PROGRAM <br />PROGRAM GUIDELINES <br />Loan Pool <br />: The City of Roseville Housing & Redevelopment Authority has make available <br />approximately $100,000 for exterior and interior home improvements in Roseville. <br />Program Overview <br />: The loan program is designed to supplement existing loan programs available <br />from MHFA, Ramsey County, private lenders and other similar sources. Eligible work shall include <br />repairs, replacement or new construction that will: <br /> 1. Improve the exterior and/or interior of the property. <br /> 2. Correct local or state code deficiencies, health and safety items. <br /> 3. Improve handicap accessibility. <br /> 4. Reduce long-term maintenance and energy costs. <br />Interest Rate <br />: The loans will be at 4 % interest. <br />Eligible Properties <br />: All properties must be located within the City of Roseville. Owner-occupied <br />single and duplex properties are eligible. Owner occupants of condominiums and townhouses will be <br />eligible for this program. <br />Loan Amount <br />: The maximum loan amount is $10,000. A household may receive only one loan. <br />Loan Term <br />: The maximum loan term is 7 years. Generally the term will be one year for every one <br />thousand dollars borrowed. <br />Loan Security <br />: All loans will be secured by a mortgage in favor of the City. <br />Debt - to - Income Ratio: <br /> Applicants must have the ability to repay the loan. Applicants who have a <br />potential “debt - to - income ratio” in excess of 55% will be denied loan financing. <br />Loan - to - Value Ratio: <br /> Applicants who have a potential “loan - to - value” ratio in excess of 115 % <br />will be denied loan financing. <br />Underwriting Decision <br />: Loans will be approved or denied by the GMMHC based upon review of a <br />credit report and according to the following criteria which has been established by the City of <br />Roseville. <br />1. No outstanding judgements or collections. <br />2. Real estate tax payments must be current. <br />3. No defaulted government loans. <br />4. Mortgage (or contract for deed) payments must be current. <br />5. Generally, no more than two 90-day lates on credit report. Any 90-day late requires a document <br />explanation and acceptable reasons; medical, unemployment, divorce. <br />3/11/04 <br />1 <br />