Applications are now open for Minneapolis Advantage, a city-funded home loan program with two hundred, $10,000 loans, forgivable after five years, to help people buy a home in Minneapolis. Now is the perfect time to buy a home in Minneapolis. Not only are homes affordable and interest rates low, but the City of Minneapolis can help you with $10,000 for closing costs and down-payment assistance. This incentive will put people into foreclosed homes, creating a stronger sense of community in areas that need it.
The key to rebuilding neighborhoods overwhelmed by foreclosures is to get solid, responsible homeowners into these neighborhoods. There are great homes to be had and we know that there are people ready to move into these neighborhoods. Our job at the city is to help make that happen and these loans make our job a whole lot easier. Given the program’s guidelines, only stable home buyers with an approved traditional, fixed-rate mortgage will be able to move into these neighborhoods. That way we can strengthen these blocks with solid home-owners. This tremendously successful program has already changed people’s lives and improved blocks hit by foreclosure. Now we’ve greatly expanded that effort to help even more people revitalize even more neighborhoods.