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III. Loan Application <br /> A. The Lender agrees to review and consider loan applications referred to the <br /> Lender by CHIP, to act on such loan applications within ten (10) days of <br /> receipt, and to notify the City Housing and Community <br /> Development Program Manager of its action and the reasons therefore <br /> within twelve (12) days of receipt. <br /> B. The City agrees to provide CHIP investor loan applicants who are seeking <br /> lender loans with a list of the participating Lenders so that they may <br /> determine the Lender of their choice. <br /> C. The Lender agrees to base their Loan-to-Value calculations on an after <br /> rehabilitation value as determined by an appraisal or a CHIP estimate of <br /> value. <br /> D. CHIP client loan applications submitted to the Lender by the City shall <br /> include or be accompanied by, to the extent feasible, the following: <br /> 1. The borrower/applicant(s) name(s), address, telephone number, and <br /> the address and legal description of the property; <br /> 2. Limited Title Policy or Title Report; <br /> 3. Borrower/applicant(s) income and sources of incomes, major debts, <br /> and monthly payments; <br /> 4. Credit report; <br /> 5. Profit and loss statement or operating statement; <br /> 6. Employment verification or two years income tax returns; and <br /> 7. Purpose of the loan, including a summary of work to be done for <br /> improvement of the property, and estimated costs. <br /> The following documents may also be forwarded: <br /> 1. Appraisal or CHIP estimate of value; <br /> 2. Personal financial statement; and <br /> 3. Real estate spread sheet. <br /> IV. Terms and Conditions of Loans <br /> A. The loan shall be a minimum of$2,500.00 and will be a fixed-rate term. Loan <br /> term shall be a minimum of 24 months and a maximum of 180 months. <br /> 3 <br />