Home Buyer Programs in MN
This Information is a great source for home buyers today. There is a lot out there for first time home buyers and for them to be able to qualify for loans to purchase their new home.
As real estate professionals, our main purpose is to match a buyer to a home that fits their needs. With so many homes on the market that could qualify yet the buyers aren't buying. Why?
A colleague of mine recently asked a server at a restaurant if she was planning to buy or sell a home. She replied with a no and he quickly asked if she knew of someone who was. Scrolling through her mental roll-o-dex, she came up with two people in her sphere and added, "But, they are afraid to buy right now. They are worried they won't have jobs"
During this time of economic crisis, we need to rethink our strategies on how to help our clients. We can't work miracles and protect everyone from job loss, but we can do our jobs well and find out how we can assist them with other beneficial tools. Please keep in mind that a reputable lender will be a great partner in discovering which program is the right one for your clients specific needs.
Minnesota has always been a leader in the real estate market and buyers can take advantage of the opportunities available in the state. The City of Minneapolis announced on January 7th, 2009 a $1.5 Million dollar grant to help neighborhoods in foreclosure. Eligible buyers can receive a $10,000 grant towards down-payment and closing costs on the purchase of a foreclosed home. To learn more, visit the City of Minneapolis website.
First time home buyers can take advantage of the $7500 Tax Credit through July 1, 2009. For more information check out the FAQ's.
For those who are interested in green living and need a low interest loan, Governor Tim Pawlenty announced in Fall of 2008 $10 million for micro-energy and conservation loans. These loans are available for owner occupants to make "green" projects become reality in their homes.
Take a look at the Minnesota Mortgage Program (MMP) . Its loans are available throughout Minnesota and provide entry cost assistance for some borrowers. Or, examine the Community Activity Set-Aside (CASA) program which make mortgage loans available for specific Community needs with entry cost and monthly payment assistance. The Urban Indian Housing Program funds mortgage loans for Native Americans with entry cost and monthly payment assistance.
Lastly, below is a list of local Minnesota programs and contact numbers. Imagine if just one phone call could help your client get out of their current situation and into something that better fits their needs. It would be the perfect EXIT strategy.
Alexandria City Homestead Assistance Program (CHAP) (320) 762-1311
Alexandria Greater Minnesota Housing Fund The Trails Development Gap Financing Program (GAP) (651) 221-1997
Alexandria HRA Down Payment Assistance Program (DPAP) (320) 762-1311
Alexandria MHFA Gap Financing Program (GAP) (320) 762-1311
Austin/Mower County Homeownership Fund Program (507) 864-7741
Chaska Clover Ridge Owner Occupied Assistance Program (OOAP) (952) 448-2851
Duluth Neighborhood Housing Services "Homeownership Program with Employers" in Lincoln Park Grant (HOPE) (218) 727-8604
Duluth Neighborhood Housing Services of Duluth Homeownership Incentive Program (HIP) (218) 628-1057
Duluth NHS/Hillside Homeownership Incentive Program (HIPP) (218) 628-1057
East Grand Forks Downpayment Assistance Program (218) 773-2371
East Grand Forks New Construction Incentive (NCI) Program (218) 773-2371
Elliot Park Neighborhood Improvement, Inc. Homebuyers Assistance Program (612) 335-5885
Hutchinson Housing & Redevelopment Authority Down Payment Assistance Program (DPA) (320) 234-4451
Itasca County/Koochiching County KOOTASCA Community Action's Homebuyer Program (HBP) (218) 326-8539
Mankato Homeownership Program (HOP) (507) 387-8622
Mankato Revolving Loan Fund (RLF) (507) 387-8622
Minneapolis Equity Participation Loan Program (EPL) (612) 673-5289
Minneapolis Folwell Neighborhood Association First Time Home Assistance Program (FTHP) (612) 588-3033
Minneapolis Hawthorne Homestead Program (HHIP) (612) 339-0601
Minneapolis/MCDA Closing Cost Loan Program (CCL) (612) 673-5289
Multi Cities Tri-County Actions Programs, Inc. Homeowner Gap Financing Program (GAP) (320) 255-0705
Multi Counties Arrowhead Economic Opportunity Agency Inc Homeownership Opportunity Program (HOP) (800) 662-5711
Multi Counties Headwaters Housing Development Corporation Two Note Program (TNP) (218) 444-4732
Northfield Housing Assistance Program (NHAP) (507) 645-8833
Pennington County Affordable Housing Program (AHP) Community Revitalization Fund Program (CRF) (218) 637-2431
Pennington County Affordable Housing Program (AHP) Loan Pool Funds (LPF) (218) 637-2431
Ramsey County FirstFirst Time Home Buyer Grants Program (FBAP) (651) 266-8025
Red Lake County Affordable Housing Fund (AHF) Affordable Housing Loan Pool Fund (LPF) (218) 637-2431
Red Lake County Affordable Housing Fund (AHF) Community Revitalization Fund (CRF) (218) 637-2431
Rochester First Homes GAP Loan Program (GAP) (507) 281-7396
St Paul Community Neighborhood Housing Services, Down Payment Assistance Program (DPAP) (651) 292-8710
Thief River Falls Slow Second Mortgage Program (SSMP) (218) 681-2500
Washington County First Time Home Buyer Grants Program (FBAP) (651) 266-8025
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