Down Payment Assistance + Fix Up Money = First Time Buyer Success Story
First time buyers are going to dominate the housing market once again in 2009. But, this time it’s going to be even better for them than 2008. Why? Because one of the biggest problems from last year has been solved.
So many of the great deals listed for sale that are attractively priced for the Twin Cities first time buyer have really not been so great, because of the amount of money needed to fix up the property. They’ve been great deals for the investors who have $10-40,000 to put into the home for repairs, but for cash strapped first time buyers, no such luck.
That has now changed.
After several months of ramping up the program, I am now closing a number of loans for my first time buyer clients here in Minnesota with down payment assistance and with fix up money to repair problems in the home. This means I can now help a buyer with only $500 of their own money purchase one of these screaming deals, get $3,000 to help with the down payment and another $15,000 to upgrade the property.
One client of mine just bought a foreclosed property in Brooklyn Park for about $160,000 that if it was in better shape would have been selling for over $225,000. His contractor is replacing all the windows in the property, replacing the missing hot tub the previous owners took with them, and fixing some other items in the kitchen and bathroom all for about $15,000. So, he’ll have a mortgage for $175,000 ($160k price + $15k repair money) and own a home that would resell for $50,000 more than he owes on it. That is a great buying opportunity.
If you or someone you know is looking into buying your first home in the Twin Cities, then you should find out more about this program. After all, who wouldn’t benefit from a mortgage with down payment assistance, monthly payment assistance and fix up money? A great place to start is to come to one of the first time buyer seminars I have coming up and learn more about programs like this, and about the home buying process in general.
As one of the featured partners on the Minnesota Real Estate Show, you can listen to Alec Grebis every other Saturday from 3-5pm on KTLK 100.3 FM talk about Minnesota mortgages, down payment assistance programs and grants with mn first time buyer loans.
February 11th, 2009 at 8:27 pm
[...] Alec’s article about First Time Buyers Fix-up Money, and also attend one of our Free First Time Buyer Seminars. Please Register for the seminar ahead [...]