Friday, February 12, 2010

Down Payment Help and Affordable Loans in Minnesota

Earlier this week, Minneapolis Mayor R.T. Rybak and Saint Paul Mayor Chris Coleman announced that $41 million in new funding is available for first-time homebuyers to purchase homes in Minneapolis/St. Paul, and other organizations and municipalities have made similar announcements recently. 

The Minnesota Home Ownership Center has information about these programs and DOZENS of others that can be used to assist YOU or your clients purchase a home in Minnesota.  In November of 2009 we introduced our "Entry Cost Assistance Matrix" that outlines the down payment programs, closing costs assistance and other funds available to first-time buyers in Minnesota.  We've now updated the Matrix for the first quarter of 2010!  To view the matrix, click here.

The Matrix is organized geographically, which allows readers to quickly find the area of the state that they are most interested in.

Remember: Funding for down-payment assistance and entry-cost help is FLUID. The information may change. Please contact a program administrator to see if funds are available, and, if not, if there is a waiting list for access to the funds.

The Center has also updated its Affordable Loan Product matrix.  The Affordable Loan Product Matrix can be accessed here.
Home ownership is expensive and first-time buyers should never base their home-buying decision on a down-payment program or tax credit. There are MANY other factors when deciding whether home ownership is right for YOU or not. Before purchasing YOUR first home... take a Home Stretch Workshop (pre-purchase education workshop) to learn what's involved, and speak with a non-profit Housing Counselor to see if you might qualify for any down-payment assistance or other first-time buyer programs.  For more information, click here.

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