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Special Foreclosure Downpayment Assistance Funds

August 12th, 2009 · No Comments

 Downpayment/Closing Cost Loans for Buyers of Foreclosed Properties 

Greater Minnesota Housing Funds will provide downpayment and closing cost assistance loans of $10,000 or $15,000 (depending on buyer’s income and availability of GMHF funds) to income qualified buyers purchasing foreclosed home in Greater Minnesota. Loans have 0% interest and no monthly payments are required! If the buyer remains in the home for 5 years, the entire loan amount is forgiven.

This program has two important goals: reducing the negative effects on foreclosures on comminutes and helping buyers become successful homeowners for the long term. To meet these goals, the program has the following requirements:

 

  • The property must be a foreclosure or short sale 
  • The property must be located in an incorporated city and have city sewer and water service 
  • Buyer must meet income guidelines 
  • Buyers must complete an eight-hour Home Stretch homebuyer education class (even if they have previously owned a home)  
  • Buyers must be able to qualify for a mortgage that meets GMHF program guidelines  
  • Buyers must obtain a professional inspection for the property they intend to purchase

                                      Maximum Income to Qualify for Assistance:

Family Size     Greater Minnesota   Chisago, Isanti, Sherburne, & Wright Counties  Olmsted & Dodge Counties         

1                         $40,900                                       $47,100                                                  $43,700

2                         $46,800                                       $53,800                                                  $49,900

3                         $52,600                                       $60,500                                                  $56,200

4                         $58,400                                       $67,200                                                  $62,300

5                         $63,100                                       $72,600                                                  $67,300

6                         $67,800                                       $78,000                                                  $72,300

7                         $72,500                                       $83,400                                                  $77,300

8                         $77,100                                       $88,800                                                  $82,300

9                         $81,800                                       $94,100                                                  $87,300

10                       $86,500                                       $99,500                                                  $92,300

 

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