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Minnesota Programs to Assist in sales of Foreclosed Properties

Isanti Rocks! Last night there was a chance for anyone interested in learning more about the options offerred by the City of Isanti for homebuyers who would like to help clear the foreclosed properties sitting empty in the city proper. Only six of us showed up, two contractors, a lender and a buying couple (my new clients!) The city has been granted over 500K to use as downpayment assistance in the form of 0 interest loans, which are forgiven after set terms (5 years, 10 adn 15 depending on how much the 'loan" is). There are two programs, which can be used together. $12,500 in Incentive based Downpayment assistance, for anyone purchasing a home that has been vacant 90 days. $15000 for needs based downpayment assistance based on a 29% front end ratio. There is also a rehab loan for up to $30,000! They are still looking into the possibility of using the Greater Mn Housing fund $10,000- $12,000 loan in conjunction.

Greater Mn. Housing Fund is for purchase of a foreclosed, OR SHORT SALE property. Must be in an incorporated city, have city sewer and water. Must complete homebuyer course, must be able to qualify for a mortgage, and must have an inspection. Income guidelines for Chisago and Isanti:

Family size 1. 47,100 2 53,800 3. 60,500 4. 67,200 5. 72,600

And, for first time homebuyers, this does not affect the $8000.00 tax credit!

I have two buyers going out today..the money needs to be used or lost!

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