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Minnetonka First-time Homebuyer and Home Repair Funds Available

By Homesmsp @HomesMSP

CityofMtka1The City of  Minnetonka has just released loan funds available for first-time homebuyers to use for down payment or closing costs through their Welcome to Minnetonka program... or for repairs or improvements to your home through their Emergency Repair Program and Minnetonka Home Enhancement housing programs.

Program guidelines for first-time home homebuyers include:

  • Have not owned a home for 3 years
  • Must live in the property
  • Maximum loan amount $10,000... current estimate of payback for full amount is $104 per month for 10 years
  • Homebuyer must  contribute at least 25% of total downpayment and closing costs (depends on price of home, etc... often in the $1,000-$2,000 range)
  • Income limits of $69,480 for one-person household, $79,900 for two-person household
  • Maximum Hennepin County Taxable Market value of property is $300,000 when you buy
  • Click here for more program details
  • Contact Molly Zimmerman of Prime Mortgage for more financing information

The chart below provides information on all housing programs available to Minnetonka residents.

PROGRAMDESCRIPTIONCONTACT

Emergency Repair Program Up to $5,000 for home repair. Household income limits apply. Elise Durbin
City of Minnetonka
952.939.8285

Minnetonka Home Enhancement Up to $15,000 for home repair, green improvements & some additions. Household income limits apply. Elise Durbin
City of Minnetonka
952.939.8285

Fix-Up Fund Up to $35,000 for home repair and remodeling.
Household income limits apply. Jim Hasnik
Center for Energy & Environment
612.335.5885

Home Energy Loan Program Up to $20,000 for energy improvements. Jim Hasnik
Center for Energy & Environment
612.335.5885

H.O.M.E. Program Home maintenance & homemaker program for seniors Tim Morin
Senior Community Services 952.746.4046

Welcome to Minnetonka Up to $10,000 for down payment and closing costs for first-time homebuyers. Household income limits apply. Elise Durbin
City of Minnetonka
952.939.8285

MN Mortgage Program First-time homebuyer mortgage program offering below-market interest rates. Household income limits apply. Minnesota Housing
651.296.8215

 

Sharlene Hensrud, RE/MAX Results - Email - First-Time Homebuyer Realtor


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