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Ramsey will evolve through citizen -driven, collaborative processes that respect the balance and connectivity <br />between its unique urban, rural, and natural environment for current and future generations. <br />5. Minnesota Housing - Monthly Payment Loan <br />This program is designed to help Minnesota homebuyers afford the costs of purchasing a home. <br />Minnesota Housing has a monthly payment loan to help with 5% of the purchase price or $5,000, <br />whichever is greater, to be put towards closing costs and the down payment. Borrowers need to get a <br />Minnesota Housing first mortgage loan as well, which is either a Start Up (first-time homebuyers), Step <br />Up (refinancing), or MCC (mortgage credit certificate). The ten-year loan term comes with monthly <br />payments with an interest rate equal to first mortgage rate. Qualified borrowers need a minimum 640 <br />credit score and must meet program income limits Borrowers also need to attend a homebuyer <br />education course. <br />Summary- <br />• Loan towards closing costs and home down payme <br />• Ten-year loan term with monthly payments <br />• Minimum 640 credit score <br />• Qualified borrowers must attend homebuyer education course <br />When we would use this: The City of Ramsey does not maintain this program <br />6. Minnesota Housing - Mortgage Credit Certificate <br />This program was designed to help Minnesota homeowners better afford their mortgages. This Mortgage <br />Credit Certificate allows homeowners to claim 35% of their mortgage interest paid every year as a federal <br />income tax credit — this can provide households with up to $2,000 in tax savings. This certificate can <br />used in conjunction with a Minnesota Housing mortgage, as well as the Monthly Payment Loan which <br />helps with the home down payment and closing costs. This program is geared towards first-time <br />homebuyers (not owned a home in at least three years and not displaced by divorce). The certificate has <br />many qualifications like: borrowers must qualify for a mortgage on a house, meet the income limits of the <br />program, plan to have the property as their primary residence and hold a federal income tax liability. In <br />order to be eligible for this program, residents must be first-time homebuyers, qualify for a home <br />mortgage, and meet the income restrictions <br />When we would use this: The City of Ramsey does not maintain this program. <br />7. Minnesota GreenStar Certification <br />In order to be eligible for this program, residents must be first-time homebuyers, qualify for a home <br />mortgage, and meet the income restrictions <br />When we would use this: The City of Ramsey does not maintain this program. <br />8. Weatherization Program <br />The Weatherization Assistance Program through the Minnesota Department of Commerce provides free <br />home energy upgrades to income -eligible homeowners and renters. The goal of this program is to allow <br />homeowners to save energy and ensure their homes are healthy and safe. Weatherization services include: <br />exterior wall and attic insulation, air leakage reduction, furnace, boiler, and hot water heater repair or <br />replacement, and can help decrease energy costs by 30% annually. The 2017 income limit for a household <br />of 4 to be eligible for this program was an annual income of $49,200. <br />City of Ramsey 2040 Comprehensive Plan Update <br />Housing Plan <br />Page 16 of 23 <br />