Funding helps first-time homebuyers with mortgages and down payment assistance
03/01/2010
Minneapolis and St. Paul have $41 million in new funding available for first-time homebuyers to purchase homes. The Minneapolis-Saint Paul CityLiving program offers below-market interest rates on mortgages as well as down payment and closing cost assistance.
Applicants must be first-time homebuyers, purchasing in either Minneapolis or Saint Paul. Offers below market interest rates. Offers closing cost and down payment assistance of up to 2 percent of the mortgage amount. This assistance is in the form of an interest-free loan that is forgiven after seven years of living in the home. And homebuyers' household income cap is $92,290; maximum purchase price is $276,870 for a single-family home. Higher limits are available for two, three and four unit homes. The homebuyer must occupy the home as their main place of residence.
The CityLiving program also offers homebuyer education workshops at a low cost through the Home Ownership Center (651-659-9336). The workshops provide first-time homebuyers comprehensive information to prepare them for home ownership. Find a list of the participating lenders and program info at www.ci.minneapolis.mn.us/ cped/city_living.asp. Visit www.livemsp.org and learn about neighborhoods, read resident testimonials, find other homebuyer incentives, and peruse real estate listings by neighborhood.