The Don Edam Group | Real Estate Professionals Serving Minneapolis, Edina, St. Paul and Surrounding Suburbs

JPMorgan and Citigroup announced last Friday that they would temporarily halt their foreclosures while they wait for the government to finalize some of its foreclosure relief package.  The foreclosure relief package was a portion of the $700 billion under the Troubled Asset Relief Program (TARP) and was outlined by Secretary of the Treasury Tim Geithner as being in the neighborhood of $50 billion.  The detail of the plan expected to be worked out by early March.

Citigroup will hold off on foreclosures effective February 12th and will do so until either March 12th, 2009 or until the government finalizes all the details of its foreclosure relief package (whichever comes first).  JPMorgan will hold off on its foreclosures until March 6th (extending a program they had initiated last year).

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

Make sure to check out these two listings, which both qualify: 2810 Aldrich Ave / 1820 Skyline Curve

For more information on Minneapolis Advantage program details and detail on how to apply click here.