Minneapolis Advantage Program

I’ve got a number of first time homebuyer clients who are looking for assistance in making their downpayments and closing costs.

Minneapolis has an excellent program that can help them do just that.

What is the Minneapolis Advantage Program?

The Minneapolis City Council approved a demonstration program, the Minneapolis Advantage Program, a downpayment and closing cost assistance program to help rebuild the housing market in key neighborhoods that have experienced mortgage foreclosures. The demonstration program provided $10,000 deferred loans to buyers of houses in neighborhoods heavily impacted by foreclosures. The program was funded by $500,000 which allowed for 50 loans, forgiven over a five-year period.

Here’s a link to a map of areas that qualify for the program.

In order for a property to qualify, it must either be in foreclosure (I’ve heard from more then one reliable lender that vacant properties will also qualify).

The fund is, at the moment, dry. However a new, significantly larger, allotment is being released on March 1st, 2009.

The money is available on a first come/first served basis and you must have a fully actuated purchase agreement (all parties have agreed to the terms of the agreement and signed all documents) in place before applying.

This is an amazing opportunity. Ask your lender about it, and then give me a call.


1 Response so far »

  1. 1

    Joy Vanable said,

    Wanted application for progrm

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