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Financing Terms: <br />5 year loan at 2% below prime rate$5,000 to $10,000 5 year loan <br />10 year loan at 1% below prime rate$10,001to $20,000 5 or 10 year loan <br />15 year loan at prime rate. $20,001to $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 />Jason Krebsbach <br />Phone: 320-258-0672 <br />Email: Jason@cmhp.net <br />Return completed application and all attachments to: <br />Central Minnesota Housing Partnership, Inc. <br />Attn: Jason Krebsbach <br />th <br />37 28Avenue 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 />4 <br /> <br /> <br />