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Mortgage Program Targets Homebuyers in Minneapolis

Submitted by dna-admin on April 7, 2009 – 7:32 pm
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Aid will go to buyers of foreclosed and vacant homes.foreclosed

Minneapolis has begun a second round of home-buying assistance for at least 200 buyers of foreclosed or vacant homes in targeted areas of the city.

The $2 million program offers buyers up to $10,000 in forgivable loans toward a down payment, closing costs or repairs for vacant or foreclosed single-family or duplex homes. The buyer must have a purchase agreement, qualify for a fixed-rate prime first mortgage and apply for the aid through a lender unless paying cash.

Applicants who earn less than 80 percent of area median income ($64,720 for a four-person family) are eligible if they buy a foreclosed home or one vacant more than 30 days in these neighborhoods: Bryant, Sheridan, Lind-Bohanon, Venture Village, Whittier, Audubon Park, Holland, Phillips West, Cleveland, McKinley, Harrison, Powderhorn Park, Webber-Camden, Midtown Phillips, Folwell, Near North, Central, Willard-Hay, Jordan, Hawthorne, East Phillips or Beltrami.

People earning less than 120 percent of area median income ($97,080 for four people) are eligible for help with purchases of such homes in any of the above neighborhoods, plus the Corcoran, Bottineau, Regina and Victory neighborhoods. Some neighborhoods are adding to the city’s incentives.

More information is available at: www.ci.minneapolis.mn.us/cped/minneapolisadvantage_home.asp or by calling 612-588-3033 for north Minneapolis, or 612-378-7985 for northeast or south Minneapolis.

Steve Brandt(Star Tribune)

Contributed By dna-admin

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