$10,000 To Buy In Minneapolis
Minneapolis Real Estate Blog
Advantage Home Buyer Program
Been waiting to buy that first house in the Minneapolis area but don't have enough down payment money or don't have enough to do repairs as you would like? Wait no more, Minneapolis has a new program due to launch in March we are told..jpg)
Minneapolis Mayor R.T. Rybak and partners Federal Home Loan Bank of Des Moines (FHLB Des Moines) and Wells Fargo recently announced $1.5 million in new funding from FHLB Des Moines which will be used to help homeowners in more than 20 neighborhoods with down payment and closing cost to purchase foreclosed properties in areas most affected by foreclosures in the Minneapolis area.
Through FHLB Des Moines Affordable Housing Program (AHP), an additional $1 million is now available for home purchases in North Minneapolis and $500,000 in the Northeast and South Central areas. Funds will help low income households (less than 80 percent of area median income) purchase foreclosed homes. The home buyers will also receive home-buyer and homeownership education through the Minnesota Home Ownership Center as part of the program.
Minneapolis was considered for this grant due to the City's successful Minneapolis Advantage program which provided 50 grants for mortgage down payment and closing cost assistance to purchase foreclosed properties in areas most affected by foreclosures.
The Minneapolis Advantage program provides $10,000 grants to home buyers for down payment and closing cost assistance for the purchase of foreclosed properties. The property must be a foreclosed property, purchased for owner-occupancy, and owned for a minimum of five years. The FHLB Des Moines grant will be added to existing city and private funds for Minneapolis Advantage.
The criteria used to select the Minneapolis Advantage pilot neighborhoods was used to target areas for the FHLB Des Moines program. Those neighborhoods with a significant percentage of vacant and boarded properties include the Northside neighborhoods of Harrison, Hawthorne, Near North, Willard-Hay, Cleveland, Folwell, Jordan, Lind Bohanon, McKinley and Webber-Camden. These grants can be used for the purchase, construction or rehabilitation of rental and single family housing. The City expects to launch this program in March.
My understanding is if it's first come, first serve so if this is a program you feel is a fit for you make sure to jump in quick before all the funding is gone. We have recently been showing homes in the above neighborhoods and if you have not been watching I can tell you there are some great buys and the extra $10,000 just makes it that much better.
If you're considering a purchase in Minneapolis contact us and we would love to help from beginning to end, I can be reached at (612) 282-7653 or here.
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Date: Wednesday, February, 18th 2009 @ 12:24:43 PMViews: 303
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