Minnesota County Offers Loans To Spur Foreclosure Sales

Minnesota County Offers Loans To Spur Foreclosure Sales A Minnesota county is now offering zero-interest loans to potential buyers of foreclosed homes in the Minneapolis-St.Paul suburbs.

FOX 9 News in Minneapolis reports that Hennepin County's Neighborhood Stabilization Homebuyer Assistance Program is being aimed at income-qualified households for foreclosures in the towns of Brooklyn Park, Brooklyn Center, Champlin, Maple Grove and Rogers-Hassan Township. Households at or below 120% of the area's median income (AMI) may qualify for a $10,000 loan, while households at or below 80% of the AMI can qualify for an additional ‘affordability’ loan of up to $20,000.

The county is offering deferred zero-interest loan with five- or 10-year terms. The loans can be used either for down payments or closing costs or for reducing mortgage principals and fees. Eligible borrowers cannot own other property in the Minneapolis-St. Paul metropolitan area, and the purchased property must be used as a primary residence.

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