More Homebuying Assistance

I participated in a homebuyers fair at the city of Brooklyn Park yesterday - there was quite a turnout, I would guess 200-300 people showed up!

This further confirms what I am seeing and hearing in the marketplace that the Minneapolis-St Paul housing market is turning. Still a buyers market but the numbers of homes for sale is down and sales are up--buyers are starting to purchase homes in increasing numbers.

The FHA downpayment assistance "gift" programs are going away as of October 1st. However, there are still quite a few programs available. One new program is a $7500 interest-free loan in the form of a tax credit, paid back over 15 years. This program would be great for downpayment assistance but you would have to get a loan from a friend or family member up front to buy the home and then take the tax refund when you file your next year's income taxes. See http://www.hocmn.org/ for more info.

Renovation loans such as FHA 203K and others can provide money to update or repair a distressed property after the closing - great for foreclosures that may need a little or a lot of help such as new flooring, siding, windows or more.

There are also first-time homebuyer, minority home-buyer and home-buying assistance plans available thru the state in the form of grants, low-interest and no interest loans. To learn more about these loans and which programs you will qualify for, talk with a participating lender in the Minnesota Housing Finance Agency (go to http://www.mnhousing.gov/ for more info or to find a participating lender).

There are some tremendous deals, lots of choices and downpayment assistance still available!