Have you been to a house that would of been exactly what you were looking for, but it was just missing a few features? Maybe some of the features just needed to be updated. This might very well be the solution to the problem.
Minnesota Housing have a "Fix Up Loan Program" for MN homeowners. The eligible improvements are to, "improve the basic livability or energy efficiency of the property, including additions, alterations, renovations and/or repairs, or bring a property into compliance with housing maintenance codes or other public standards applicable to housing." Through this Fix Up Loan Program, there are two types of loans. Secured and Unsecured. The details are as follows:
Secured Loan:
- Income Limit: 99,500
- Subordinate Lien: 5.99%
- Maximum loan amount: 50,000
- Minimum loan amount: 2,000
- Combined secured and unsecured fix-up loan balances cannot exceed 50,000
- Minimum credit score: 620
- Secured. Includes reference to MN State Statute 47.20
Unsecured Loan:
- Income limit: 99,500
- Subordinate Lien: 6.99%
- Auto pay incentives: 6.49% - Borrowers must sign up for Monthly Automatic Payment ("auto debit") at closing
- Maximum loan amount: 15,000
- Minimum loan amount: 2,000
- Minimum credit score: 680
- Unsecured or Unsecured with Automated Payment. Includes reference to MN State Statute 334.01A
You can make a house into your dream home. This should help make your house hunting a lot more fun and exciting. Feel free to contact me for more information. Click on the link below and I can help you search for your dream home!
Comments(2)