I just found out about this great program that the City of Madison is offering to potential homeowners and/or landlords to help them buy AND owner occupy a home in the Bassett Neighborhood in downtown Madison.
Basically, its an acquisition and rehabilitiation program to help people purchase in the Bassett Neighborhood with forgiveable loans.
To be eligible borrowers must:
1) Occupy the property as their principal residence for ten (10) years; and
2) Investment a mininimum of 3% of the purchase price; and
3) Provide the City with a copy of their first mortgage commitment; and
4) May be the owner of a rental property that they wish to convert to their primary residence.
There are some condition for the property as well, but borrowers can purchase a property with up to 3 seperate dwelling units! With the loan, good rents in the other units, borrowers could basically have their tenants paying their mortgage!
Its a great program and I'm very excited about it. If you'd like more information, please give me a jingle or shoot me an email!
Mindy Allen
Comments(1)