Moving into your first house is a big step in anyone’s life, emotionally and financially. It’s a step that requires careful analysis and financial planning. Unfortunately, many people don’t put in the time and research necessary to reduce the monetary burden on themselves as much as possible. There are actually a great number of programs out there that provide financial Assistance to those looking to buy a house. We’ve put together a list of some of the best programs in the Twin Cities so that you don’t miss out on free money.
Minnesota Housing Homeownership Assistance Fund
The Minnesota Housing Homeownership Assistance Fund (HAF) helps first time home buyers that have qualified for a Minnesota Housing loan to receive an interest-free, deferred loan to assist with down payment and closing costs. To qualify for the program your household earnings must be 60% or less than the local area median income. The assistance allows participants to get up to $3,000 for down payments or closing costs on a house. It also provides up to $75 per month to help pay a percentage of the monthly mortgage payment during the early stages of the mortgage. To learn more about whether you qualify for this program and read more about its benefits click here.
Bridge to Success Contract for Deed Program
This program, launched in 2008 by a nonprofit organization called The Family Housing Fund, aims to help buyers and sellers who are unable to qualify for loans through traditional means. 20% of the purchase price of a house is covered by the resources of the Family Housing Found, and the other 80% by lenders, so that private mortgage insurance is nullified. It acts in a way that is similar to a line of credit. For more information check out this page here.
Neighborhood Stabilization Program
The Neighborhood Stabilization Program is offered by the U.S. Department of Housing and Urban Development. It offers special emergency assistance to state and local governments across the country by acquiring and fixing up foreclosed properties that may otherwise remain abandoned and contribute to ruined neighborhoods. Once the foreclosed properties have been refurbished, Minneapolis and Saint Paul offer financing programs for consumers to buy the properties for affordable prices. Learn more about this program here.
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