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<br />Exhibit A19 #2860 Page 13 <br />Agreement between the City of Coon Rapids and Center for Energy and Environment <br /> <br /> <br />Down-Payment/Closing Cost Assistance <br /> <br />Interest Rate: 0%. <br />Loan Amount: Up to $5,000. <br />Term: Loan will be deferred until the borrower sells or transfers title of the property or is no longer <br />occupied by the borrower, at which time 100% of the loan is due. <br />Eligible Borrowers: The borrowers must be legally residing in the United States (based on approval of <br />1st mortgage lender). The homebuyer(s) MUST attend a Home Stretch workshop or other valid <br />homebuyers course offered through an approved counseling agency by the US Department of Housing <br />and Urban Development and provide evidence prior to closing. Borrowers must be considered as a first <br />time homebuyer. <br />Ineligible Borrowers: Including but not limited to: Foreign Nationals, Non-Occupant Co-Borrowers, and <br />Properties held in the name of a business. <br />Eligible Properties: 1-4 unit residential properties located with the geographical boundaries of the City <br />of Coon Rapids. Single family homes, townhomes, twin-homes and condominiums. Properties held in a <br />trust are eligible. <br />Ineligible Properties: Non-owner occupied (aka absentee-owned), unless the property is the property <br />being purchased and will become owner-occupied, dwellings with more than 4 dwelling units, <br />Cooperatives, Manufactured homes, properties held in a Contract-for-Deed and properties used for <br />commercial purposes. <br />Ownership/Occupancy: Must be owner-occupied after time of purchase. <br />Loan-to-Value: 100%. <br />Income Limits: 110% AMI based on household size and adjusted gross income from most recent tax <br />return. If a tax return is not required to be filed by the borrower(s) then income will be determined by <br />the projected income over the next 12 months. <br />Debt-to-Income Ratio: N/A <br />Multiple Loans per Property / Borrower: Borrowers may only obtain one purchase assistance deferred <br />loan from this program. If ownership changes, the new owner is eligible. If a previous recipient <br />purchases a new qualifying home, they would be eligible again at that new property if the borrower(s) <br />would be considered as a first time homebuyer at that time.