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Mortgages and Down Payment Assistance
Here in the Twin Cities there are several mortgage programs for First Time Home Buyers. They all have Different Rules and Requirements. In order to determine if you might qualify for any of them you really need to meet with a loan officer who specializes in these programs. My Lending Partners know all the financing assistance programs that are available. Call or Email them to set a time to meet with them and get all the details. Here is a Semi-Complete list of programs just to get you started:
Minnesota Housing offers up to $10,000 Down Payment and Closing Costs Assistance.
Minneapolis Advantage provides a $10,000 zero-interest rate loan - totally forgiven after 5 years - to anyone buying a foreclosed single-family home or duplex in eligible neighborhoods within Minneapolis.
Minneapolis Community Planning and Economic Development Department (CPED)
Homeownership Opportunities for people wanting to live in Minneapolis
Housing Development, Rehabilitation & Ownership
City Living - Minneapolis and St. Paul - this is a program for people buying homes only in the cities of Minneapolis or St. Paul.
City Living Minneapolis
City Living St. Paul
Ramsey County FirstHOME offers up to $20,000 Down Payment and Closing Costs Assistance to first time home buyers who are buying a home in suburban Ramsey County (not within the City of St. Paul).
Brooklyn Center Home Purchase Programs offer assistance to folks buying foreclosed and/or vacant homes in the City.
Brooklyn Park has a HomeBuyer Initiative program that will provide Down Payment and Closing Costs Assistance.
Anoka County Community Action Program (ACCAP) offers up to $10,000 Down Payment and Closing Costs Assistance to first time home buyers who are buying a home in Anoka County.
St. Louis Park has a new program called Live Where You Work that provides a grant of $2,500 to home buyers who buy a home in St. Louis Park and work in St. Louis Park as well. And, if you buy a foreclosed home in St. Louis Park you can get an additional $1,000 grant.
Edina - yes, even Edina. Through the ComeHome2Edina program, people buying a home in Edina may qualify for up to $60,000 Down Payment and Closing Costs Assistance.
Plymouth First Time Home Buyer Assistance - the City of Plymouth offers up to $25,000 Down Payment and Closing Costs Assistance to first time home buyers.
Whew, is that it? Nope! That's only a partial list. Some down payment assistance programs come and go, depending on funding. Sometimes local Neighborhood Associations have money to offer home buyers. The rules for all these programs are each unique not to mention in a constant state of flux! There's way more than I can keep up with. That's why you absolutely need to connect with one of my Lending Partners and review all the financing assistance programs that are available to home buyers in Minnesota.
Michael Harrell
Affordability Expert
email MultiCultural Realty
612-759-7629
MultiCulturalRealty.com
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