Attention St Paul’s East Side Homebuyers: Details on the Pohlad Family Foundation Homebuyer Program

By
Real Estate Agent with Boardman Realty Minnesota License#90858

The Homebuyer Assistance Incentive Program from the Pohlad Family Giving Foundation is the program that everyone is talking about on the east side of St Paul! It is a great program for homebuyers looking to buy in St. Paul’s 55106 zip code and available through the Pohlad Family Giving Foundation. I am currently working with several buyers who are interested in this program and boy are the homes selling quickly in these communities! Every other listing agent makes a point of reminding me about the "$8000 Pohlad money" for the buyer, as if we had not heard of the program. But few ot these agents have delved into the details. Some of the stories about the program are a bit exaggerated or misunderstood. Unfortunately, it is not as simple as a homebuyer purchasing a house and walking in to the Dayton's Bluff Neighborhood Housing Services of St. Paul to collect an $8000 check. That said, this is still an awesome opportunity if you want to live on the east side of St. Paul! Here are some of the program's highlights:

*The funds up to $8000 are distributed in the form of a 7 year forgivable deferred loan.

*The loan will have an interest rate of 0%.

*Homebuyers must occupy the property as their principle residence for 7 years.

*Single family homes and duplexes purchases are eligible.

*The funds will be distributed on a first come, first served basis.

*It is only available in the 55106 zip code in St. Paul or 55411 zip code in Minneapolis.

* The funds can be used for down payment and/or closing costs including prepaids.

*First time homebuyers will have to take an approved homebuyer education class.

*Successful, prior homeowners will not have to take a homebuyer class.

*Funds are available to both first time homebuyers and previous homeowners alike.

*There is no maximum household income for the program.

*All homes must close prior to December 31, 2009.

If you are a home buyer interested in buying a home in the Dayton’s Bluff area and want to take advantage of this program, you NEED to be working with a REALTOR® and loan officer that understand the details of how the funding will best work for you. Must of the application process is supplemented by information provided from the mortgage lender or loan officer. Be certain that the people you select to work with really understand how the program works so you don’t miss out on this opportunity.

For a pdf document with specific program guidelines for the Pohlad Family Foundation Homebuyer Assistance Incentive Program, CLICK HERE.

Need information on the $8000 First Time Buyer Tax Credit? Check out this Article: FIRST TIME HOMEBUYERS! Affordability and an $8000 Tax Credit Make NOW the Time to Buy!

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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Teri Eckholm. REALTOR with Boardman Realty, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2019 terieckholm.com

 

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8000 home tax credit
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Rainmaker
174,893
Kate Kate
San Diego, CA

What a great program. All the reason to have the BEST Realtor and the BEST lender working for you as a home buyer. kate ford

May 20, 2009 02:44 AM #1
Ambassador
1,540,892
William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

WOW Teri, Wouldn't it amazing if these sort of programs , such as what the Pohlad Famly Foundation provides country wide. And teaching people to be good HomeBuyers and HomeOwners is a course, I have always felt should be a mandatory class for anyone buying their first home. They provide for anyone buying that is taking advantage of their offering. Wonderful and Amazing at the same time. One would think REALTORS would actually teach more through their counceling process ( in many cases non-existent ). People that learn a lot of others, actually never forget them. 

 

May 20, 2009 04:01 AM #2
Rainmaker
210,056
Marzena Melby
Coldwell Banker Burnet Realty - Richfield, MN
Realtor, Twin Cities Minnesota Real Estate

As always, very detailed information Teri.  There is still much confusion about this sprogram out there.

May 20, 2009 07:33 AM #3
Rainmaker
720,187
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Kate--It is important to have an agent that knows the area you are looking in and loan officer as well for the most accurate information on what is available to you.

May 20, 2009 10:23 AM #4
Rainmaker
720,187
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

William--This program is only for the hardest hit areas in the Twin Cities metro but there are so many other places that are struggling that YES it would be wonderful if these programs were across the entire US! As agents we teach our buyers much about homebuying but not always about home ownership. Being a homeowner and understanding the responsibilities to maintain the property is something that all first time buyers should take time to understand fully before buying.

May 20, 2009 10:29 AM #5
Rainmaker
720,187
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Marzena--I agree. I made a point to find out more about the program so I could fully understand the information that I share with buyers considering moving to this area to take advantage.

May 20, 2009 10:30 AM #6
Rainer
3,994
Robert Zuniga
United American General Services LLC - Charlotte, NC

http://www.StPaulInvestmentDeals.com   This is great information.  A beautiful program for a homebuyer in St. Paul!

Jul 12, 2009 01:06 PM #7
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Rainmaker
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Teri Eckholm

REALTOR Serving Mpls/St Paul North & East Metro
Looking to buy or sell in the Twin Cities? Contact Me Today!
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