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Financing Terms: <br /> • 5 year loan at 2%below prime rate 0 $5,000 to $10,000 5 year loan <br /> • 10 year loan at I%below prime rate • $10,001 to $20,000 5 or 10 year loan <br /> 0 15 year loan at prime rate. • $20,001 to $25,000 5, 10 or 15 year loan <br /> The amount of the loan should be$5,000 or more and no more than$25,000.Prime rates set on date of bid opening. <br /> Conditions <br /> 1. If the applicant has received a loan(s) from Elk River HRA in the past, he or she is only <br /> eligible for the difference between the maximum loan amount and the amount remaining to <br /> be paid on previous loan(s). <br /> 2. Loans on the property sold by contract-for-deed are due when the title transfers or owner <br /> no longer maintains property as primary residence. <br /> 3. All owners must join in the application including contract holders. <br /> 4. Loan applicants will pay recording fees. <br /> Loan Application Review Process <br /> 1. CMHP staff will evaluate the loan application to determine eligibility. <br /> 2. Once staff makes a determination the building inspector or CMHP staff will conduct an <br /> inspection of the property. At the inspection,there will be a determination if corrective <br /> actions are necessary for the property to conform to rehabilitation standards. <br /> Contact information: <br /> Seth Kauffman <br /> Phone: 320-258-0673 <br /> Email: SethACmlp.net <br /> Return completed application and all attachments to: <br /> Central Minnesota Housing Partnership, Inc. <br /> Attn: Seth Kauffman <br /> 37 28th Avenue North, Suit#102 <br /> St. Cloud, MN 56303 <br /> Note: Faxed or emailed applications will not be accepted <br /> Please remember to complete all sections of the application and provide addresses where <br /> requested. Failure to complete the application in full will delay your approval time, and <br /> may lead to application denial. <br />