• Homeowner Application

    Levy Revolving Rehab Loan Program

  • TO THE APPLICANT: The information on this form will be used to determine your eligibility for loan assistance. Please fill out all information correctly. If not applicable, please indicate by N/A.

  • APPLICANT INFORMATION

  • Date of Birth*
     / /
    2 digit month, 2 digit day, 4 digit year
  • Format: (000) 000-0000.
  • Format: (000) 000-0000.
  • Format: (000) 000-0000.
  • Marital Status*
  • Race*
  • Do you have a co-applicant?*

  • CO-APPLICANT INFORMATION

  • Birth Date*
     / /
    2 digit month, 2 digit day, 4 digit year
  • Format: (000) 000-0000.
  • Format: (000) 000-0000.
  • Format: (000) 000-0000.
  • Marital Status*
  • Race*

  • OTHER HOUSEHOLD OCCUPANTS

    Please provide the following information for each member of the household NOT listed under applicant information.

  • Household Member #1

  • Date of Birth*
     / /
    2 digit month, 2 digit day, 4 digit year

  • Household Member #2

  • Date of Birth*
     / /
    2 digit month, 2 digit day, 4 digit year

  • Household Member #3

  • Date of Birth*
     / /
    2 digit month, 2 digit day, 4 digit year

  • Household Member #4

  • Date of Birth*
     / /
    2 digit month, 2 digit day, 4 digit year

  • Household Member #5

  • Date of Birth*
     / /
    2 digit month, 2 digit day, 4 digit year

  • NOTE: The information regarding marital status and minority group categories are required for statistical purposes only, so the agecny may determine the degree its programs are utilized by minorities.

  • PROPERTY INFORMATION

  • Construction Type*
  • Are you applying for a business loan?*

  • INCOME INFORMATION

    "Income" means any amount received from the following sources by any member of the household age 18 or over. Please answer yes or no for the following:
  • Public Assistance including: MFIP, SSI, GA, Child Support, and Unemployment Compensation*
  • Salaries including Wages, Commissions, Bonuses, Tips, and Overtime Pay*
  • Estate or Trust Income*
  • Rental Income*
  • Gains from the Sale of Property or Securities*
  • Pensions and Annuities including: PERA, Social Security, and Railroad Retirement*
  • Business Profit (for self-employed individuals, including farmers)*
  • Interest and Dividends*
  • Contract for Deed Payments Received*

  • List all income sources for any member of the household age 18 or over for the past twelve (12) months. 
    Not applicable for business loan applicants.

    Proof/copies of each income must be attached with the application. Proof/copies include, but are not limited to: Paystubs, Social Security Award Letter, Printout from Social Services for Public Assistance, Printout of Child Support payments, Annuity/Pension payments, Retirement payments, etc.

  • Income #1

  • Income #2

  • Income #3

  • Income #4

  • Income #5

  • Do you currently have any other loans with the HRA?*

  • MONTHLY EXPENSES

  • Select ALL monthly expenses that apply:*

  • Click on the following links and read through the information before completing the next portion of the application.

    Protect Your Family from Lead in Your Home

    Fair Housing Civil Rights Act of 1966

  • Please read and initial by each of the following statements:

  • I am authorizing the photographing of my property.

  • I have received, read, and understand the information in the publication "Protect Your Family from Lead in Your Home" and I:

  • Select one of the following:*

  • I have received, read, and understand the information provided on the Fair Housing Civil Rights Act of 1966.

  • I consent to the release of information contained in my grant/loan application file to Northwest Minnesota Multi-County Housing HRA to determine my eligibility to participate in the Loan Fund Program. This information will be released only to Northwest Minnesota Multi-County HRA, and members of the loan review committee. Any use, other than that specified above, or any subsequent relase of this information, is expressly forbidden under the Minnesota Data Privacy Act, unless written consent is obtained. I have been informed of my right to refuse to release the information and undersand that this consent may be revoked upon written notice to Northwest Minnesota Multi-County HRA.

  • Date of Application *
     / /
    2 digit month, 2 digit day, 4 digit year
  • Date of Application *
     / /
    2 digit month, 2 digit day, 4 digit year

  • AUTHORIZATION FOR AUTOMATIC PAYMENT

  • Dear Loan Applicant,

    If approved, your loan payment will automatically be taken out of your bank account each month, so please complete this form and submit a voided check from the account you wish to use. Please be advised that this payment will automatically come out of your bank account at the beginning of each month.

    If you have question, please call our office at 218-637-2431 ext. 1121

  • YOUR INFORMATION

  • Format: (000) 000-0000.

  • BANK INFORMATION

  • Format: (000) 000-0000.

  • ACCOUNT INFORMATION

  • Account Type*

  • My signature below certifies that I authorize Northwest Minnesota Multi-County Housing & Redevelopment Authority to withdraw my monthly payment from my checking or savings account. This authorization will remain in effect unit I notify the HRA, in writing, to cancel it, oe the loan is paid off.

  • Date*
     / /
    2 digit month, 2 digit day, 4 digit year

  • Debt to Income Calculator

  • What is a Debt-to-Income Ratio?

    Lenders use your Debt-to-Income (DTI) ratio to evaluate your current debt load and to see how much you can responsibly afford to borrow, especially when it comes to mortgages. Less debt equals more borrowing power, and possibly a higher loan offer. If the DTI is too high, then it may be an indication that the borrower is in serious financial distress.

    Should I use my current or future housing costs in calculation?

    If you are in the process of buying a home, you should enter your estimated housing costs. This includes your new mortgage, property taxes, and fess. Mortgage lenders use DTI ratios to make sure that you'll not be over-extended with your new loan.

    If you are not buying a new home, you should use your current housing costs for the calculation.

    Should I enter my credit card minimum payments or the amount I really pay each month?

    Enter only the minimum credit card payments you are required to pay each month. Also, be sure to include each credit card payment you are required to make each month.

    What goes under "other debts"?

    Include home equity loans, judgments, and any other monthly debts you pay. This may include rental payments, mortgage payments, insurance, and homeowners' dues.

    The Importance of the Debt to Income Ratio

    Our total amount of debt plays a significant role when it comes to our credit standing and financial health. Therefore, it is important to understand how these different components of our credit score affect our life.

    The debt to income ratio is on of the mort important, and often overlooked, components. It is a comparison of your total monthly debt to your total gross monthly income.

    To calculate the debt to income ratio, you should take all the monthly payments you make including credit car payments, auto loans, and every other debt including housing expenses and insurance, etc., and then divide this total number by the amount of your gross monthly income. You will then see a percentage.

    Below you will enter your Annual Income and Expenses to find your Debt-to-Income Ratio. 

    Note: DO NOT change the following fields as they will automatically populate when you enter information: Monthly Income, Total Monthly Housing Debt Payments, Total Other Monthly Debts Payments, Combined Monthly Debt Payments, and Total Debt to Income Ratio.

  • Income

  • Housing Debt

  • Other Debt

  • What is my debt-to-income ratio?

    Your total debt-to-income ratio consitis of the back ratio (all debts combined) and your monthly pre-tax income. Ideally, uour total debt should not exceed 36% of your monthly pre-tax income.

  • DOCUMENT SUBMISSION

  • Please attach the following items below. If you do not have access to these items right now, please submit the application and email Kristi at kristi@nwmnhra.org with the attached documents.

    Your application will not be processed until we have all required documentation.

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