Okay, “10,000+ Reasons to Buy a Home” might seem a bit excessive, but in a new housing initiative called Minneapolis Advantage, the city of Minneapolis is offering just that….up to a $10,000 zero-interest, zero-payment loan that’s forgivin over a 5 year period (a.k.a. totally FREE after the 5 years are up) to qualified buyers that purchase a home in one of the city’s 18 eligible neighborhoods.
Developed in response to the city’s rising level of foreclosures, the Minneapolis Advantage loan program is a downpayment and closing cost assistance program to help rebuild the housing market in key neighborhoods (located mostly within the central South and North communities) that have experienced higher than normal levels of mortgage foreclosures.
In addition, the Harrison, McKinley, Folwell and Webber-Camden neighborhoods are offering buyers $4,000 in mortgage assistance, and Harrison is adding another $15,000 for renovations. That makes $29,000 in forgivable loan money to fix up an abandoned home in that neighborhood.
So, if you’re looking to buy a home in Minneapolis and you have good credit, now you have 10,000+ more reasons to get out there on the house hunting trail and buy today
For more information on Minneapolis Advantage program details and detail on how to apply click here.