Sunday, April 13, 2008

New Loan Program Offered

The Minneapolis Advantage Loan Program - Great News for Minneapolis Home Buyers

The Minneapolis city council has recently approved a new loan program for buyers who purchase a single-family dwelling, or duplex, in Minneapolis neighborhoods that have experienced higher than normal levels of mortgage foreclosures. The program offers a $10,000 zero percent interest loan that is forgivable over five years to anyone buying a home in which they will live in these key neighborhoods.

Minneapolis neighborhoods who could benefit from this program include Camden, Weber, Folwell, and McKinley, as they are offering an additional $4000 for homes bought in their areas. This brings the total offered to $14,000, and the city of Minneapolis is looking for other areas that will partner this initiative and offer incentives to home buyers.

The funds can be used for a down payment, or for closing costs. They can also be used by the buyer to offset any repairs/improvements that will be done to the home. Better yet, ANYONE can take advantage of this offer as it is not based on any home price!

So if you are thinking of buying in Minneapolis this year, make sure you ask your Realtor and lender about the Minneapolis Advantage Loan Program!

3 comments:

Stapeliad said...

I hope this still applies next year...it sure would help me out!!!

Jennifer Kirby said...

Jessica,

I don't recall there being a time line on the new loan program so hopefully it will still be available when you relocate.

Michael Sluis said...

Jennifer and Jessica,

There isn't a timeline on programs is more if they run out of money and don't get approval for money. All of these programs are budjet line items and have funds available during certain times of the year. This is a great program, however.

Thanks -- Michael Sluis