Homeowners
First-time Homebuyer Program
The Minnesota Mortgage Program is a first-time homebuyer program that offers lower-interest rate loans. In order to qualify for the loan you must.
Be a first-time homebuyer (anyone that has not owned a home or interest in a home in the past three years).
Meet income requirements.
Purchase an eligible property (single-family, condominium, townhouse, or 2-unit duplex).
Have federal income tax return copies for the last three years.
Have acceptable credit.
For more information, visit the Minnesota Housing Agency website →
Affordable Housing Programs
Homes within Reach is a nonprofit Community Land Trust that provides affordable homeownership opportunities by purchasing single-family homes and selling them to qualified first-time homebuyers at a reduced price (average sales price is approximately $140,000). Homes within Reach then retains ownership of the land and leases it to the homeowner for a small fee.
For more information, visit www.homeswithinreach.org →
Habitat for Humanity is a non-profit agency that provides homeownership opportunities. Homeowners contribute to the cost of their home through sweat-equity hours and through a no-interest mortgage. Interested households must complete an application and a homebuyers' education class.
For more information, visit www.tchabitat.org →
Rondo Community Land Trustis a nonprofit, community-based organization operating in suburban Ramsey County that creates and preserves homeownership for low and moderate income households. Rondo provides access to home ownership for those who cannot afford homes that are for sale on the real estate market and prevents existing homeowners from entering into foreclosure by becoming part of the Rondo CLT land trust.
For more information, visit Rondo's website. →
Foreclosure Information
A home foreclosure is a process in which a financial lender, usually a mortgage company, takes possession of a property to recover the amount owed on the loan. The foreclosure process can be lengthy and usually begins when a borrower fails to make payments and the lender files a public default notice.