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

The city of Minneapolis and the city of St. Paul will be the first 2 cities to pilot the National First Look Program, which “coordinate the transfer of real estate-owned properties from financial institutions nationwide to local housing organizations, in collaboration with state and local governments”.   Basically allows communities to purchase foreclosed homes from banks participating in the program after the redemption period, but before they come on the market for public sale.  Should be a great way for some cities to attempt to “reclaim” some of the neighborhoods that have been devestated by the current run of foreclosures recently.  City of Minneapolis website has a good ‘press release’ with some more info on The First Look Program.

To do your own search for foreclosed homes in the Twin Cities, click here and check the boxes in the Foreclosure option to see Minnesota homes in foreclosure that are listed on the MLS.

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.