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| Twin Cities Home Online.Com |
| Special Programs |
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| Even though the housing market is depressed, there are still special programs available to help you buy a home. There are downpayment assistance programs, state agencies and community land trust programs. All of these programs work in different ways to help homebuyers gain access to their dream of owning their own home. |
| Down Payment Assistance |
| Downpayment assistance programs have existed for years. However, there are only a few private non-profit organizations who are still helping prospective homeowners obtain the downpayment they need to purchase a home. These programs will give you up to 6% of the purchase price of a home to be used toward your downpayment and closing costs. These programs help both first-time buyers and repeat buyers. They work with new construction and existing homes. These programs can assist homebuyers without regard to income/asset limits and there are no geographic restrictions. Since it's a gift, not a loan, there is no repayment required! These programs have been under fire by HUD and a new ruling has been submitted to BAN the use of these programs effective August 15, 2008. In the past, lawsuits have been filed to keep these programs alive. As of now, the future of private non-profit downpayment assistance programs is uncertain. |
| Community Land Trusts |
| Community Land Trusts operate to ensure a readily accessible inventory of affordable housing in certain communities. Buying a home through a land trust program makes sense for low to middle-income families who don't have the resources to buy expensive homes. These programs are available subject to income restrictions and qualifying standards. The goal of the land trust programs are to help low to mid-income families get into decent and affordable housing. They help with affordability grants AND rehab money so that you can purchase a decent house and not have to worry about affording the cost of repairs. Some programs offer as much as $65,000 in affordability grants and up to $25,000 in rehab grants. There are certain restrictions that are designed to keep the home you buy in the program and make it affordable for someone else in need when you sell. |
| State Agencies |
| The State of Minnesota also has programs that can help first-time buyers with low interest, fixed rate mortgages, interest free loans for downpayment and closing costs and offer the option of a 40-year mortgage to help you keep your monthly payment manageable. In order to qualify as a first-time buyer, you must have not owned a home or held an interest in a home in the past three years. Certain income limits apply. |
| FOR MORE INFORMATION CALL 763-639-5379 or email info@twincitieshomeonline.com |