Purchasing a bank owned home just got a little bit more rewarding. In an effort to start dwindling some of the supply of bank owned homes in Dakota County, the Dakota County Community Development Agency has released it’s Silver Lining Program. This program will reward up to $15,000 towards the purchasing of a REO (real estate owned) property, not all areas will of course qualify and no funds will be given in cash.
Who or What Qualifies for the Silver Lining Program
You can view a map here to see what area’s of Dakota County are eligible for the program. For the most part, areas that were struck with high foreclosures are eligible… other areas not so. I would have liked to see more areas included but it’s a start. Make sure to take a look at the map if you have a property in question.
Properties that are included in the program include single family homes, townhouses, duplexes and condos. These properties have to be foreclosed upon and must be located in the eligible area(s). The maximum purchase price of a home is $256,080 and the purchase price cannot exceed appraised value of 85%.
Borrowers that qualify must have good credit and qualify for a fixed rate mortgage through a lender that is participating in the program.
Household size / Income Limits
1 / $67,950
2 / $77,650
3 / $87,350
4 / $97,100
5 / $104,850
6 / $112,600
7 / $120,400
8 / $128,150
What’s the Catch
The loan is essentially a zero interest loan that has to be paid back with a minimum loan amount $1,000 not to exceed $15,000. The loan is to be repaid when the primary mortgage on the home is paid off or the home is sold. There are no monthly payments on the loan. Homebuyer must complete course through Homestretch program and provide a certificate.
View more about the program here or feel to contact me for questions
