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Draft Exhibit B-11 <br /> 3. Loan Term: Generally, one year per$1,000 borrowed. The maximum term will be 8 <br /> years. <br /> 4. Loan Amount: Minimum loan size of$2,500 and maximum of$7,500. Previous <br /> recipients may apply and receive additional funds but are limited to the program <br /> maximum($7,500)to be outstanding at any given time. <br /> 5. Eligible Properties: Eligible properties are restricted to owner-occupied mobile homes <br /> located in the City of New Brighton. <br /> 6. Loan Security: All loans will be secured with a lien in favor of the City. Borrowers will <br /> pay all filing fees. <br /> 7. Debt- to -Income Ratio: Applicants must have the ability to repay the loan. <br /> Applicants who have a debt to income ratio in excess of 55%will be denied loan <br /> financing. <br /> 8. Loan - to -Value Ratio: The ratio of all loans secured by the property, including the <br /> new loan, must not exceed 110% of the property value. <br /> City of New Brighton Home Improvement Program Page B-3 <br /> Center for Energy and Environment 6/2011 <br />