The first four prospective buyers competing Step 1 and Step 2 will be given first opportunity to purchase one of the four homes in Moos Meadows.

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1 The Department of Housing and Urban Development (HUD) s Neighborhood Stabilization Program, established by the Housing and Economic Recovery Act of 2008 to stabilize neighborhoods whose viability has been and continues to be damaged by the economic effects of properties that have been foreclosed upon and abandoned. NSP3 was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act of Four homes in Moos Meadows were funded by NSP3. Sales price of each home: th Street $120, th Street $118, th Street $120, th Street $120,000 How to buy a home: Step 1: Prospective buyer should take all of this paperwork to their bank to determine if they are able to obtain a mortgage loan meeting the requirements below. Step 2: Prospective buyer should call Amy Keairns at to schedule an appointment for the formal income verification process. An appointment will not be scheduled unless the prospective buyer has completed Step 1. The first four prospective buyers competing Step 1 and Step 2 will be given first opportunity to purchase one of the four homes in Moos Meadows. Step 1 - Mortgage loan requirements: Prospective buyer must obtain a mortgage loan for what they can afford (minimum of $100,000) and a forgivable loan will be provided for the difference between the sale price of the home and the amount of the mortgage loan. Prospective buyer must be able to obtain a 30 year fixed mortgage and the monthly PITI payment must be between 25-28% of the prospective buyer s income. That monthly amount will determine the amount of the bank loan. The minimum loan must be $100,000. The City of Sioux City will enter into a soft second mortgage with the prospective buyer for the difference between the sales price of the home and the mortgage amount. If the prospective buyer qualifies for a loan in the full amount of the sales price, $1,000 in down payment assistance will be provided to the prospective buyer in the form of a forgivable loan. If the prospective buyer qualifies for less than $100,000, they are not eligible to purchase a home in Moos Meadows. Step 2 - Income guidelines: Prospective buyers must meet income guidelines, as published by HUD. The current income guidelines are: 1 person $50,250 3 person $64,600 5 person $77,500 7 person $89,000 2 person $57,400 4 person $71,750 6 person $83,250 8 person $94,700 Income will be verified utilizing the Part 5 Definition of Annual Income method. Under this process, the gross amount of all adult household members that is anticipated to be received during the coming 12-month period is calculated. Forms used to determine the income are attached, FYI. Prospective buyers would be required to bring in photo identification, at least 30 days of paycheck stubs, bank statements, and any other documentation of income/assets, as applicable. Once income eligibility is determined, it is good for 6 months, so the house sale would need to close within six months of that date. Once a prospective buyer is found to be income qualified, they will be required to take an eight hour prepurchase counseling and education class. Prospective buyer must agree to live in the house for between five-fifteen years, depending on the difference between the appraised value and the amount of loan the buyer is able to obtain.

2 City of Sioux City Neighborhood Services Division PO Box 447 Sioux City, IA Phone: Fax: To Mortgage Lender: In order to qualify to purchase a home in Moos Meadows, the borrower must be able to obtain a 30 year fixed mortgage and the household s monthly housing debt to income ratio (PITI plus mortgage insurance) must be between 25%-28%, with a minimum loan amount of $100,000. Please provide me with an itemized listing of all monthly debt for the household: Amount the borrower has been preapproved for Total monthly mortgage payment amount, including PITI and mortgage insurance (must be between 25%-28%) The attachment entitled To Be Completed by Bank Please provide me with copies of the following documents as they become available, or at a minimum of two weeks prior to closing: Good Faith Estimate Loan Application Purchase Agreement Preliminary Attorney s Opinion HUD-1 Settlement Statement The amount of the forgivable loan will be determined based upon the appraised value of the house and the dollar amount of the bank loan. We will prepare a mortgage, promissory note, and deed restriction to be signed upon closing to secure the forgivable loan. We request that the closing agent record all documents. Please let me know the best way for us to pay for that. Sincerely, Amy Keairns Neighborhood Services Project Coordinator

3 TO BE COMPLETED BY THE BANK After firm loan commitment, please complete and return this form to Amy Keairns, City of Sioux City, Neighborhood Services Division, Fax Please circle family size: Please check gross income: 1 person family under $50,250 2 person family $50,251 - $57,400 3 person family $57,401 - $64,600 4 person family $64,601 - $71,750 5 person family $71,751 - $77,500 6 person family $77,501 - $83,250 7 person family $83,251 - $89,000 8 person family $89,001 - $94, I,, certify that the gross annual household income for is within the guidelines listed above as specified by the Department of Housing and Urban Development. The applicant s loan amount is $, which is 25%-28% of the applicant s monthly income, and this amount includes PITI. Signature Bank Date

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