This is a good program for those individuals or couples that do not have good credit that cannot qualify for a conventional loan but have an income that can make sufficient payments.
The highlights of the program are simple. Home values must be between $100,000 to $150,000. Buyers must be in a credit repair program to reduce debt and improve credit. Monthly payments are equal to 6.5% of a conventional mortgage. The interest rate is 3% on an approved contract for deed up to 24 months. A 2% cash reserve is created for approved fixes on a rehabilitated house.
The program is said to risk mortgagors to financial risk.
What do I need to qualify
First things first is you need to plan to purchase a home in Minneapolis. You cannot qualify for a conventional mortgage and you must make a combined household income of more than $36,000 a year. Also proof of a credit enhancement program will also be needed to help minimize debt and improve credit scores.
Household income must be less than
- 1 person $43,050
- 2 person $49,200
- 3 person $55,350
- 4 person $61,500
- 5 person $66,400
- 6 person $71,350
- 7 person $76,250
- 8 person $81,200
Where to Apply
You will need to fill out an application at Urban Homeworks
