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SCHEDULE C TO HRA RESOLUTION NO. ___-2015 <br />MOBILE HOME IMPROVEMENT LOAN PROGRAM <br />1. Program Intent: The intent of this program is to make low-interest home improvement <br />loans available to Fridley residents to make basic mobile home improvements. <br /> <br />2. Interest Rate: 4.5%. <br /> <br />3. Amortization Type: Amortizing - Closed-end: requires borrowers to make monthly <br />payments of Principal and Interest. <br /> <br />4. Loan Amount: Minimum: $ 500; Maximum: $ 10,000. <br /> <br />5. Total Project Cost/Match: It is the borrower’s responsibility to obtain the amount of funds <br />necessary to finance the entire cost of the work. In the event the final cost exceeds the <br />requested loan amount, the borrower must obtain the additional funds and show <br />verification of the additional funds in order to be approved for the loan. <br /> <br />6. Term: Minimum: 1 Year; Maximum: 10 years <br />• Generally, one year per $1,000 borrowed <br />• No prepayment penalties apply <br /> <br />7. Eligible Borrowers: All borrowers must be a legal resident of the United States, as <br />evidenced by a social security number, including: <br />• U.S. Citizens <br />• Permanent Resident Aliens <br />• Non-Permanent Resident Aliens <br />• Tax identification numbers (ITIN) are not acceptable <br />• Properties held in a contract-for-deed, or equivalent security for mobile homes, are <br />eligible as long as both parties, the purchaser and seller, both sign the mortgage and <br />the contract for deed holder signs a letter giving their approval of the project. <br /> <br />8. Ineligible Borrowers: <br />• Foreign Nationals <br />• Non-Occupant Co-Borrowers <br />• Non-real person entities (such as Partnerships, Corporations, Trusts, etc.) <br /> <br />9. Eligible Properties: Residential mobile homes located with the geographical boundaries <br />of the City of Fridley. <br /> <br />10. Ineligible Properties: <br />• Non-owner occupied (aka Absentee Owned) <br />• Dwellings with more than 2 units <br />• Co-ops <br />• Manufactured homes <br />• Time shares <br />• Properties used for commercial purposes <br />• Properties held in the name of a trust <br />