CHAI Homebuyer Loan Application & Instructions

Home Buyer Purchase Loan: Up to $ 10,000 (0% interest) for 10 years $83.33 monthly payment

INSTRUCTIONS

Fill in the application with the information that you currently know and SIGN.

Gather the documentation on the attached CHECK LIST that is listed in bold. (The Guarantor Applications & Appraisal from the bank may be submitted later).

Make an appointment to submit the application (takes about 1 hour).

If you need the CHAI funds for settlement, submit this application with the documentation the same week as the 1st Mortgage Application. From application submission it usually takes 4 weeks for CHAI loan approval and document preparation. If you have guarantors that are out-of-town, it may take longer.

THE 7 STEPS TO CHAI LOAN APPROVAL

1. Submit Application with all documentation

2. Guarantors Submit Info & Proof of Assets or Income

3. CHAI staff prepares the Loan Profile

4. Loan Committee reviews the Loan Profile

5. Preparation of Loan Documents by CHAI staff

6. Guarantors sign Promissory NOTE at CHAI office or use Notary

7. Settlement of the Homebuyer Loan takes place and the CHAI office

8. Disbursement of CHAI funds at settlement and / or to escrow account.

The CHAI Homebuyer loan is a recorded lien (mortgage) on the property

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5809 Park Heights Avenue

Baltimore, MD 21215 410-500-5300 / Fax 410-466-1996

Program Description

CHAI Homebuyer Loan Fund

CHAI administers the HOME BUYER LOAN FUND to assist new homebuyers with the purchase, financing, and improvement of homes in the neighborhoods of Northwest Baltimore. 1. This program was created specifically to promote home ownership, reduce the amount of

ready cash needed to purchase a home, and encourage investment in residential properties. With the assistance of CHAI Home Buyer Loan, you may be able to:

Use the funds to assist in paying the settlement expenses

Use the funds toward the down payment, after the minimum required by the bank

paid by the borrowers

Use the funds to complete home renovations and improvements 2. Loans are limited to buyers purchasing and/or improving homes in designated areas of

Northwest Baltimore. These areas are subject to periodic modification by CHAI. 3. Homebuyers can borrow up to $10,000 (for a purchase) from CHAI, for 10 years.

Loan programs and interest rates are determined by CHAI Board of Directors. These programs and terms are subject to modification by CHAI at any time.

4. Terms and amount of the loan will depend on buyers’ financial needs, neighborhood,

and condition of the property being purchased and/or improved. 5. CHAI will complete an Exterior Assessment of each property for deficiencies, housing

code violations, overall curb appeal and attractiveness. A minimum of $ 500 will be escrowed for exterior and landscaping improvements. Exterior curb appeal improvements must be completed first.

6. CHAI has established Loan Conditions (see attached) and reserve the right to establish

specific conditions for approval of loans. 7. Loans are made in accordance with all Federal and State Fair Lending Laws.

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Homebuyer Loan Application

PLEASE PRINT Submission Date 1. Borrower Information

Borrower

Co-Borrower

SSN:

DOB:

SSN:

DOB:

Cell Phone

Email (print)

Home Phone

Cell Phone

Email (print)

Household Size (# of people to be in the home):

2. Property Information

Street Address ZIP Fallstaff ___ or Glen ___

Purchase Price Appraised Value Settlement Date

Style of Dwelling (circle: detached, semi, townhouse) Bedrooms

Bathrooms full _ half

Mortgage Lender Interest Rate Points

First Mortgage Amount $ Amount of Down Payment $

First Mortgage Monthly Payment $ Total Monthly Housing Expenses $

3. CHAI Loan Request

CHAI Homebuyer Loan (amortized): $5,000 or $10,000 0% Interest Repay: 5/10 years @ $83.33 / month CIRCLE ONE

List uses of loan funds:

4. Employment & Income Information

Borrower Employer

Position Years

Work Phone

Gross Annual Income

Co-Borrower Employer

Position Years

Work Phone

Gross Annual Income $

5. Guarantor Information (A married couple is one Guarantor)

Guarantor #1: Address

Phone(s) Email(s)

Guarantor #2: Address

Phone(s) Email(s)

6. I / We choose to purchase in the Northern Park Heights CHAI area because:

I / WE CERTIFY THAT THE INFORMATION PROVIDED IS TRUE TO THE BEST OF MY/OUR KNOWLDEDGE.

Borrower Signature Co-Borrower Signature

CHECK LIST: CHAI Homebuyer Loan BUYERS PROPERTY ADDRESS

The CHAI LOAN application and has an approval process with a number of steps and requires collection of documents from several sources. This checklist is to assist you in gathering and presenting the proper documents with the application for a CHAI Loan.

Purchase Price $ A. CHAI LOAN APPLICATION to be submitted by the borrowers

1. Loan Application ORIGINAL 2. Borrowers Certification & Authorization ORIGINAL 3. HUD Family Income Chart ORIGINAL 4. Family Race & Ethnicity Self Identification ORIGINAL

5. Neighborhood Contract ORIGINAL 6. Acceptance of Services / Hold Harmless ORIGINAL

7. Pay Stubs - Last Two Pay Periods (or Income Verification Letter) COPIES of all supporting docs 8. Federal Tax Returns w/ W-2’s – Last 2 years COPY of first two pages 9. Credit Report – TRI-MERGE

10. Home Ownership Workshop & Counseling Certificates 11. Contract Of Sale, ratified (signed by both parties)

12. Listing Sheet, if listed with a realtor 13. Home Inspection Report 14. Renovation Budget Worksheet 15. Assets: most recent statement of savings, CDs, stocks, retirement funds, etc.

16. Void Check for ACH (Automated Clearing House) Bank Debit

B. 1st MORTGAGE LOAN APPLICATION:

Mortgage Lender Phone # Title Company Phone # Mortgage Amount Term Interest Rate

1. 1003 – MORTGAGE LOAN APPLICATION 2. 1008 – TRANSMITTAL SUMMARY 3. GFE – GOOD FAITH ESTIMATE Estimated CLOSING COSTS $ _______________ 4. TIL – TRUTH IN LENDING 5. HOME OWNER’S INSURANCE BINDER or DEC PAGE 6. URAR APPRAISAL Pictures of Property, URAR summary $ _______ _____ 7. pre-HUD-1 Preliminary Settlement Statement 8. FINAL HUD-1 Final (signed) Settlement Statement

SETTLEMENT DATE:

C. GUARANTORS INFORMATION borrowers forward application to guarantors, for submission to CHAI

1. Guarantors #1 Application 2. Guarantors #1 Financial Documentation 3. Guarantors #2 Application 4. Guarantors #2 Financial Documentation

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Borrowers' Certification and Authorization

CERTIFICATION

The Undersigned certify the following:

1. I/We have applied for a mortgage loan through Comprehensive Housing Assistance, Inc.(CHAI). In applying for the loan, I/We completed a loan application containing various information on the purpose of the loan, the amount and source of the down payment, employment and income information, and the assets and liabilities. I/We certify that all of the information is true and complete. I/We made no misrepresentations in the loan application or other documents, nor did I/We omit any pertinent information.

2. I/We understand and agree that Comprehensive Housing Assistance, Inc. (CHAI) reserves the right to change the mortgage loan review processes to a full documentation program. This may include verifying the information provided on the application with the employer and/or the financial institution.

3. I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements when applying for this mortgage, as applicable under the provisions of Title 18, United States Code, Section 1014.

AUTHORIZATION TO RELEASE INFORMATION

To Whom It May Concern:

1. I/We have applied for a mortgage loan through Comprehensive Housing Assistance, Inc. (CHAI). As part of the application process, Comprehensive Housing Assistance, Inc. (CHAI). and the mortgage guaranty insurer (if any), may verify information contained in my/our loan application and in other documents required in connection with the loan, either before the loan is closed or as part of its quality control program.

2. I/We authorize you to provide to Comprehensive Housing Assistance, Inc. (CHAI) and to any investor

to whom Comprehensive Housing Assistance, Inc. (CHAI) may sell my mortgage, any and all information and documentation that they request. Such information includes, but is not limited to, employment history and income; bank, money market and similar account balances; credit history; and copies of income tax

3. returns.

4. Comprehensive Housing Assistance, Inc. (CHAI) or any investor that purchases the mortgage may

address this authorization to any party named in the loan application.

5. A copy of this authorization may be accepted as an original

Sign: ___________________

Borrower PRINT NAME: DATE

Sign: ___________________

Borrower PRINT NAME: DATE

CONDITIONS of the CHAI HOMEBUYER LOAN

1. The CHAI Loan Fund is made to persons purchasing a home in designated areas of the Baltimore community.

2. The property to be purchased must be used as the borrower's primary residence. Should the borrower move or rent said property, the Loan shall be due and payable immediately.

3. Lineal ascendants or descendants (children, parents, and grandparents) can apply for a loan in order to purchase a

house for their parents or children. Only the grandparents, parents or the children, in this case, can live in the house. Otherwise, the Loan shall be due and payable immediately.

4. Application must be accompanied by financial disclosure statements from the borrower and their guarantors, a copy of

the purchase contract for the property, an inspection report for the property, and a copy of an appraisal of the property. CHAI reserves the right to verify any and all information submitted by the applicant or guarantors.

5. Approval of the Loan is contingent upon receipt of a firm commitment letter for a first mortgage that is acceptable in

dollar amount and conditions to CHAI.

6. The Loan payment (housing ratio) must not exceed 33% of the borrower's gross monthly income, when combined with the first mortgage payment.

7. The use of the loan proceeds is limited to settlement expenses, down payment and home improvements as designated,

and agreed upon, between CHAI and the borrower, at the time of loan application. Other use of the loan proceeds is at the discretion of CHAI, and requires CHAI's prior written approval. A maximum of 1/2 of the total loan can be used to purchase the home, in the form of settlement cost reimbursement, with the remaining funds used for upgrades to the home.

8. Home improvements must begin in a timely manner and completed within nine (9) months from the date of settlement. An additional 3-month extension may be approved for special circumstances if requested prior to the end of the nine month period.

9. CHAI will escrow a minimum of $500 used specifically towards exterior home improvements for landscaping and curb appeal. The improvements shall include, but are not limited to, necessary landscaping to improve the overall appearance of the property and block. CHAI will complete an Exterior Assessment for deficiencies, housing code violations, overall curb appeal and aesthetics. Exterior ‘curb appeal’ improvements must be completed before funds for

interior renovations begin.

10. Repayment of the balance of the Loan is due upon sale of the property. 11. The loan will be secured by a Deed of Trust (Second Mortgage) and guaranteed by two sets of guarantors

approved by CHAI. The Promissory Note must be signed by these guarantors. The Deed of Trust will be recorded in the Land Records Office. Borrower will pay for all recording fees.

12. Borrowers, at their expense, must purchase a Home Owner's Insurance policy for at least the minimum appraised

value of the property. CHAI shall be designated as a mortgage holder (usually the second) on this Home Owner's Insurance Policy.

13. In the event of a dispute, between the borrowers and CHAI, the borrowers agree resolve the dispute with binding arbitration at the Baltimore Bais Din.

14. Guarantors must assume all responsibility for loan re-payment if any loan payment is more than thirty (30) days in

arrears. CHAI reserves the right to accelerate the remaining balance if the Loan is in default. 15. Terms of the loan will be established by CHAI. The approval of an application is conditional upon the approval of CHAI's

Loan Committee.

I have read, understand and agree to the conditions of the CHAI Loan.

Borrower’s Signature Date Co-Borrower’s Signature Date

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NEIGHBORHOOD CONTRACT FOR CHAI LOAN RECIPIENTS

One of CHAI’s goals is to stabilize and improve Upper Park Heights with responsible

homeowners and to reinvest in homes through upgrades and maintenance. Therefore, we ask your cooperation in maintaining the high standards that CHAI sets for the properties that have received CHAI financing. I / WE AS HOMEOWNERS IN NORTHERN PARK HEIGHTS AGREE TO: 1. Keep the exterior of my home in good condition by:

Mowing the Lawn (approx. every 2 weeks in May – July: every 3 weeks in Aug – Oct) Raking Leaves Weeding the Flower Beds Shoveling Snow on the front sidewalk, within 24 hours after the end of the storm Trimming the shrubs, annually Watering the plants, shrubs & flowers during a heat wave Cleaning the gutters and downspouts, seasonally – fall & spring Repainting wood surfaces where the paint is peeling Keeping the front porch neat and store equipment, toys & furniture elsewhere

2. To keep the street (and / or alley) that I live on clean by:

Putting out trash in covered cans and not in plastic bags. Placing trash cans at the curb or alley the evening before pick up, not earlier. Returning trash cans to the proper place the same day as pick up.

Call Baltimore City Dial 311 to schedule bulk trash pick-up, set out items the evening before. Picking up papers and trash that may fall or blow on and around my property regularly. Sweeping the gutter in front of my house to remove leaves and debris from street

(which will prevent flooding & storm drains from clogging). Storing trash cans in the rear or lined up alongside wall of house, behind front façade. 3. Build friendly and positive relationships with neighbors on my block by:

Greeting neighbors pleasantly Offering information to new homebuyers on trash day, recycling schedule, local events. 4. Keep valuables, such as bicycles and lawn mowers stored and locked to prevent theft. 5. Respond promptly to resolve any property issue brought to your attention by CHAI or the City. Property Address ___________________________________ Homebuyer __________________________ ____________________________

PRINT NAME SIGNATURE

Homebuyer __________________________ ____________________________

PRINT NAME SIGNATURE

Date ________________

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GUIDELINES FORESCROW FUNDS RELEASE for RENOVATIONS

The following guidelines are to help you understand the process and work with the staff at CHAI to manage your home improvement project. Please read each requirement carefully and sign below to confirm your understanding and agreement of these terms. If you have any questions, PLEASE ask us before your loan is approved.

AT LOAN APPLICATION: 1. Define the scope of repairs and improvements you wish to have done. 2. Provide a written list of these repairs and improvements to CHAI staff, note priorities.

3. CHAI's staff may be able to assist you with general cost estimates for these repairs and improvements.

4. Provide a copy of your home inspection report to CHAI (performed by a qualified home inspection company).

WHEN READY TO BEGIN HOME IMPROVEMENTS: 5. Loan recipients are responsible for obtaining written bids for approved renovations from

licensed MHIC (Maryland Home Improvement Commission) contractors. CHAI has a Referral List to assist you in making choices. Note: any changes from your original list (see #2 above) must be submitted in writing and approved by CHAI.

6. It is the responsibility of the borrower to ensure that the necessary permits have been

obtained from Baltimore City for all home improvement work. 7. After loan approval and settlement, the homeowner is responsible for managing the

renovation project. CHAI staff will be available for consultation and general guidance, BUT cannot oversee the renovations or manage the work.

8. TERMS FOR RELEASE OF FUNDS: a. The contractor’s work will be inspected for adequate completion PRIOR to

release of payment. (Checks are issued once a week, each Friday). The homeowners remain responsible for quality control on the project.

b. All work must be completed to the owner's satisfaction. Funds are released after an email, telephone approval or "sign-off" by the homeowner.

I / We have read and understand the release of escrow funds procedures:

Borrower’s Signature Date Borrower’s Signature Date

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RACE AND ETHNICITY SELF-IDENTIFICATION

DATA COLLECTION FORM

Please answer the following questions. This information will be used to determine whether the

benefits of this program are being made available to all persons on a non-discriminatory basis.

Ethnicitv

Do you identify yourself as (select only one):

Hispanic or Latino

Not Hispanic or Latino

Race

Do you identify yourself as (select one or more):

American Indian/Alaskan Native American Indian/Alaskan Native and White

Asian Asian and White

____ Black/African American ____ Black/African American and White

____ Native Hawaiian/Other Pacific Islander ____ American Indian/Alaskan Native and Black/African American

____ White _____ Other Multi-Racial Category

Asian/Pacific Islander

Gender of Applicant: _____ Male _____Female

Head-of-Household Status of Applicant:

____ Single/Non-Elderly

____ Elderly (one- or two-person household with a person at least 62 years of age)

____ Related/Single Parent (single-parent household with a dependent child or children 18 years old or

younger)

____ Related/Two Parents (two-parent household with a dependent child or children 18 years old or

younger

____ Other (any household, including two or more unrelated individuals not included in above definitions

Applicant is female head of household? Yes No

Client's Name (Please Print) Date

Client's Signature

REVISED 9/6/11

EXTERIOR APPEARANCE & LANDSCAPE GOALS

I cfru* q

. UTERIOR IMPROVEMENTSPAINTING, NEW WINDOWS, NEW STDEWALKS/DRMWAY, MA,ILBOX, L\GHT\NG, SHIJTTERS,

ADDRESS N UMBERS, FRONT DOORS, G UTTERS/DOWN SPOUTS, NE1/.'U CSALSO

UNDSCAPING, FLO.',VER BEDS, MULCHING, RE.SEED I-AWN, RE.GRADING, TREE.TRIMMIN1,

ACCEPTANCE OF SERVICES AND LIABILITY LIMITS

Limit of Legal Liability for CHAI: Comprehensive Housing Assistance, Inc.

I/We agree to hold harmless and indemnify from and against any and all actions, claims, damages, liabilities, and expenses, including attorney’s fees, CHAI and its employees, members, officers and directors, arising from the housing assistance services rendered in connection with this agreement, either by any such employee, member, officer, or director, or by any agent, contractor, inspector or consultant of CHAI, or by any person referred to me (us) by CHAI. I/We do hereby accept the provision of housing services by CHAI: Comprehensive Housing Assistance, Inc., which may include the following (please check):

Home Buyer Workshop Individual Pre-Purchase Counseling

CHAI Homebuyer Loan Home Repair Services

Residential Property Assessment

Home Design and Consulting Service

Credit or Financial Counseling

Buyer or Seller Referral Services Date

Client's Signature Date

Client's Signature

Limits of Liability shall also include any loan or grant funds received from Baltimore City.

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FAMILY INCOME CHART 2015 Effective 03/06/2015

Source: U.S. Department of Housing and Urban Development, Baltimore Office. Baltimore Area Median Family Income: $89,300

CHAI receives funding from Baltimore City to serve families whose income levels allow them to be eligible for benefits under the Federal Community Development Block Grant Program (CDBG). In determining the appropriate income range for your family or household, include the gross amount of income of all adult household members (18 years and older) that is anticipated to be received during the coming 12-month period.

Please check the box below that accurately indicates the annual gross (before any

deductions) income, based on the number of people in your household:

Number in 1 2 3 4 5 6 7 8

Family Person Persons Persons Persons Persons Persons Persons Persons

Over 80% of median

$46,100 or above ______

$52,650

or above ______

$59,250 or above ______

$65,800 or above ______

$71,100 or above ______

$76,350 or above ______

$81,600 or above ______

$86,900 or above ______

50%-80% of median

$30,950

to $46,100 _______

$35,400

to $52,650

____

$39,800

to $59,250 _______

$44,200

to $65,800 _______

$47,750

to $71,100 _______

$51,300

to $76,350 _______

$54,850

to $81,600 _______

$58,350

to $86,900 _______

30%-50% of median

$18,550

to $30,950 _______

$21,200

to $35,400 _______

$23,850

to $39,800 _______

$26,500

to $44,200 _______

$28,650

to $47,750 _______

$32,570

to $51,300 _______

$36,730

to $54,850 _______

$40,890

to $58,350 _______

Up to 30% of median

$18,550 or below _______

$21,200 or below _______

$23,850 or below _______

$26,500 or below _______

$28,650 or below _______

32,570

or below _______

$36,730 or below _______

$40,890 or below _______

I/We hereby certify that the information checked above is my/our current annual family or household income (circle one). The income certified above is subject to verification and the Federal False Claims Act, 31 USC section 3729).

(PRINT) NAME OF CLIENT #1

(PRINT) NAME OF CLIENT #2

(SIGNATURE) CLIENT #1 DATE

(SIGNATURE) CLIENT #2 DATE

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INCOME GUIDELINES 2015 EFFECTIVE 3-6-15.DOC

RENOVATION BUDGET WORKSHEET

Borrowers: Date:

Property Address: Phone:

Prepared by: .

A proposed Renovation Budget will presented as part of your loan application. After loan approval and settlement, the renovation funds are held in escrow at CHAI. Before any contractor begins work, the borrower must submit written bids from contractors. The FINAL Renovation Budget must be for the amount of the funds available. Include exterior landscaping and improvements from the “Exterior Assessment” done by the CHAI inspector. A maximum of 1/3 of the renovation budget will be released to a contractor (by Maryland Law) can be requested by the borrower for the contractor.

TYPE OF IMPROVEMENT

DESCRIPTION OF WORK and / or CONTRACTOR(s)

COST ESTIMATE

Interior

Appliances

Basement

Bathroom

Carpentry / Dry Wall

HVAC System

Electric

Flooring

Kitchen

Lighting

Painting

Plumbing

Exterior

Concrete / Masonry

Doors

Facade

Fence

Garage

Gutters

Insulation

Landscaping

Painting

Porch

Roof

Siding

#____ Windows

Exterior Curb Appeal Improvements

500.00

Loan Settlement Fees 210.00

TOTAL ESTIMATE $

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GUARANTOR REQUIREMENTS

CHAI HOMEBUYER LOAN

1. Guarantors must own real property.

2. One of the Guarantors must be a permanent resident of Maryland, unless Guarantors are parents or relatives of the Borrowers.

3. Guarantors cannot have an outstanding CHAI loan.

4. Guarantors cannot guarantee more than one CHAI loan.

5. A married couple is considered as one set of Guarantors. Both parties must sign as Co-Guarantors.

6. Guarantors must sign the Promissory NOTE prior to settlement.

7. Guarantors must submit EITHER: a. PROOF OF LIQUID ASSETS to pay the loan balance in a lump sum, photo

copy the most recent statement of savings or investment account (for at least the amount of the loan)

OR b. DOCUMENT A TWO YEAR INCOME HISTORY, which demonstrates the ability

to make monthly loan payments in lieu of the borrowers. Photocopy of the following are required as proof of adequate income:

1. Federal income tax returns, first two pages with W2s – past 2 years 2. Two most recent pay stubs

NOTE: The CHAI Homebuyer Loan is not reported to a credit reporting bureau for either the Borrowers or the Guarantors.

CHAI will send the Guarantor application directly to both (sets) Guarantors.

The application and financial information must be submitted directly and confidentially to CHAI by the Guarantors at:

CHAI: Comprehensive Housing Assistance, Inc. Loan Committee 5809 Park Heights Avenue Baltimore, MD 21215-3929 Phone 410–500–5327 Fax 410–466–1996 Email dmoray@chaibaltimore.org

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HOMEBUYER LOAN HIGHLIGHTS SHEET $15,000 maximum

$5,000 Settlement, $5,000 General Renovations, $5,000 Energy Improvements Effective February 2015

HOMEBUYER LOAN $5,000 or $10,000

ENERGY SAVINGS LOAN $5,000 or $10,000

Location Homes within Northern Park Heights Homeownership Program Area map, in Baltimore City (see map on reverse) $5,000 maximum for settlement expenses $5,000 minimum for general renovations $500 minimum for landscaping & curb appeal

Owner occupied homes in the CHAI General Service Area (GSA) for Energy Improvements (see maps) Baltimore City: 5 Northwest neighborhoods: Glen, Fallstaff, Cross Country, Cheswolde, and Mount. Washington. Baltimore County: 5 communities of Pikesville (21208), Greenspring (21209), Owings Mills (21117), Randallstown (21133), and Reisterstown (21136).

Type of Renovations Including but not limited to:

● Kitchen remodeling ● Bathroom remodeling ● Basement refinish ● Electric & plumbing upgrades ● Floors: refinishing hardwood, carpet, tile ● Exterior painting or siding ● Roof/gutter/downspout repair or replace ● Landscaping & curb appeal

Insulating & Air Sealing

Windows & Doors

Heating & Air Conditioning (Energy Star qualified ONLY)

Appliances (Energy Star qualified ONLY) See complete list in application for details.

Interest Rate 0% 0%

Repayment Period $10,000 over 10 years $5,000 over 5 years; $10,000 over 10 years

Monthly Payment $83.33 per month $83.33 per month ($41.67 for 5 years)

Underwriting Requirement

Mortgage approval with a mortgage lender in Maryland

Qualifying Ratios: Maximum Housing Ratio 30% & Debt Ratio 45% Credit Score: Minimum 620 CHAI will check your credit reports and credit score. Costs $30 for joint $15 for single

Education Requirement

Homebuyer Education Workshop & Pre-Purchase Counseling appointment

None

Guarantors Required 2 guarantors, married couple is one set None

Contractors Must use a licensed Maryland Home Improvement Contractor (MHIC)

Must use a Maryland Home Improvement Contractor (MHIC) that is BPI certified for insulation and air sealing improvements

Length of Time for Renovations

9 months to complete renovation project 6 months to complete renovation project

Grant Available No $1,250 for qualified low and moderate income families at 80% of HUD median income. For details see Family Income Chart.

Other Requirements Maximum sale price of house $300,000 Must apply before or within 6 months of settlement date.

Energy Audit Required, cost $100

Joint Requirements Repayment by monthly auto bank debit only. The loan is a recorded 2nd mortgage lien. Borrowers may not refinance to receive cash out during the term of the loan.

These loans are two separate 0% interest loans that each requires a separate monthly payment. U:\Home Ownership\Loan Program HIGHLIGHTS\Homebuyer & Energy Loan Chart 2015.pptx.docx

CHAI HOMEBUYER LOAN BOUNDRIES

Healthy Neighborhood Blocks (GLEN) Biltmore Avenue 6100 & 6200 blocks Mortimer Avenue 3900 & 4000 blocks

Emmart Avenue 3900 & 4000 blocks Narcissus Avenue 5600 to 5800 blocks

Gist Avenue 5500 to 6200 blocks Pinkney Road 3900 & 4000 blocks

Glen Avenue 3600 - 4000 blocks Primrose Avenue 3900 & 4000 blocks

Hopeton Avenue 6200 block Rosecrest Avenue 3900 & 4000 blocks

Jonquil Avenue 5600 – 5800 blocks Rubin Avenue 5700 & 5800 blocks

Menlo Drive 3600 – 3800 blocks Strathmore Avenue 3700 – 4000 blocks