Grab you share of $10,000 loan that is the Minneapolis Advantage Program which was created to help home buyers purchase foreclosed bank owned property.
As of last check, there are currently 50 home loans still available under the program. The program originally had set aside funds for 200 loans in areas of the cities where foreclosures are high.
The nuts of the deal are a $10,000 loan with zero interest that is forgiven after 5 years if you still occupy the residence.. Use the funds as you wish with helping towards closing costs, down payment or used towards fixing up the property.
Get the details
As with any program, there are guidelines in order to qualify but they are not bad… just some income requirements and not all neighborhoods are eligible.
There is no sale price limit and the funds can be used towards a single family residence or duplex. Home buyers must participate in a homeownership training program available through HomeStretch.
Now for the random income requirement that nobody will ever figure out except for the one that created them.
- If you make less than $64,720 which is less than 80 % of the median area income, then check out this link for qualifications.
- If you make less than $97,080 which is less than 120% of the median area income, then check out this program for qualifications.
You can also piggy back on the funds with the $8000 dollar tax credit that is available to first time home buyers, but time is running out so if you are still contemplating on using some Obama $$ you might want to start soon.
Another one of the requirements that must be complete in order to secure funds is a signed and executed purchase agreement.
Click here for complete requirements in the program.
Unlike the famed housing tax credit for first time home buyers, you do not need to be one for this program.
If you thinking about the program or just have some questions, drop a comment below or reach out here and I will get you pointed in the right direction.
