The Home Ownership Works (HOW) program has Minneapolis homes for sales at affordable prices to those with incomes below 80% of the metropolitan median income. The first time home buyers guide MN recommends you work with a HOW marketing representative to show you available homes and explain how the program works. You can learn more about it by calling 612-673-5262. Before you do that, though, consider that those who want to use the HOW program must first complete two homebuyer education workshops, coordinated by the Home Ownership Center; call them at 651-659-9336.
Besides HOW, there’s the HOME program. The first time home buyers guide MN wants you to know it’s only available to current Minneapolis public housing residents and/or Section 8 participants who want to go from renting to owning their own house. The HOME program involves a mortgage loan at typically lower-than-market interest rates, as well as a realtor helping you look for an appropriate home. HOME provides a loan to help pay the down payment, and this loan needs to be repaid, with interest, once the home is resold in the future. In addition, interest-free, closing cost loans may be available. For info about the HOME program, contact Jan Hughes at 612-342-1229.
The first time home buyers guide MN also suggests looking into the Minneapolis Advantage Program (MAP). It helps first time home buyers purchase a home in areas hit by foreclosures. The MAP program is limited to specific neighborhoods and loans are on a first come, first serve basis. MAP is a good deal; it offers a $10,000 loan with zero-percent interest, forgiven over 5 years as long as the buyer continues to live in the home. This is a way for foreclosed homes to be used by people who need a place to live rather than sit empty. MAP money can go toward making a down payment, closing costs and/or for repairs to the home.
Finally, the first time home buyers guide MN recommends calling Lake Area Mortgage at 651-209-2900 to discover more opportunities for help with buying a home.