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2 <br />A B C D E F G <br />January 1, 2021 " Last Resort " Emergency Deferred Mobile Home Improvement <br />Program Senior Deferred Multi Family <br />Improvement Loan Home Improvement <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />In-Eligible Borrowers <br />* A resident or business with no legal <br />interest in the property <br />Eligible Properties Residential mobile homes located in <br />the City of Fridley <br />1-4 unit residential properties located in <br />the City of Fridley <br />1-12 unit residential properties located <br />in the City of Fridley <br />In-Eligible Properties <br />*Non-owner occupied <br />*Properties with more than 4 units <br />*Co-ops <br />* Properties used for commercial <br />purposes <br />*Non-owner occupied <br />*Properties with more than 4 units <br />*Co-ops <br /> * Mobile Homes <br />* Properties used for commercial <br />purposes <br />* Properties with more than 12 units <br />*Co-ops <br />* Mobile Homes <br />* Properties used for commercial <br />purposes <br />Ownership/Occupancy Owner Occupied / <br />Absentee Owned <br />Loan-to-Value 125%N/A 110%110% <br />Income Limits/ <br />Requirements <br />Less than or equal to 110% of current HUD <br />based on household size and Adjusted <br />Gross Income from most recent tax return. <br />If a tax return is not required to be filed <br />the income will be based on projected <br />gross income. <br />None None None <br />Debt-to-Income Ratio NA 50%N/A <br />Max 50% (N/A if in the name of business, <br />but must show positive cash flow from <br />most recent business tax return or Profit <br />& Loss Statement if in business for less <br />than a year). <br />Multiple Loans per <br />Property/Borrower <br />More than one last Resort Emergency <br />Loan is permitted based upon the <br />availability of funds and the borrower’s <br />ability to qualify. The cumulative <br />outstanding balance of all Fridley <br />emergency loans on the property, <br />including cannot exceed the maximum <br />loan amount of $10,000. <br />More than one loan per <br />household/property is permitted based <br />upon the availability of funds and the <br />borrower’s ability to qualify. The <br />cumulative outstanding balance of all <br />Fridley Mobile Home Loans on the <br />property cannot exceed $10,000. <br />More than one Senior Deferred Loan is <br />permitted based upon availability of <br />funds and ability to qualify. The <br />cumulative outstanding balance of all <br />Senior Deferred Loans cannot exceed <br />the maximum loan amount allowed per <br />program guidelines. <br />More than one loan per property is <br />permitted based upon the availability of <br />funds and the borrower’s ability to <br />qualify. The cumulative outstanding <br />balance of all Fridley Multi Family <br />Program Loans on the property cannot <br />exceed the maximum loan amount <br />limits. <br />110% <br />* Non-Occupant Co-Borrowers <br />* Business entities <br />*Non-owner occupied <br />*Properties with more than 4 units <br />*Co-ops <br /> * Mobile Homes <br />* Properties used for commercial purposes <br />1-4 unit residential properties located in the City of Fridley <br />Owner Occupied <br />More than one loan per <br />household/property is permitted based <br />upon the availability of funds and the <br />borrower’s ability to qualify. The <br />cumulative outstanding balance of all <br />Fridley loans on the property, including <br />deferred loans cannot exceed $50,000. <br />None <br />50%