(LoanSafe.org) – If cost has been an obstacle as you’ve thought about either buying your first home or making repairs to the home you own, the Plymouth Housing Division may be able to help. The division is accepting applications for two of the three available programs: First Time Homebuyers and Home Rehab Loans.
First Time Homebuyers: If you’re buying your first home, you may qualify for a program that helps with the costs of purchasing a home in Plymouth. The program offers a zero interest, deferred loan of up to $25,000, with the Plymouth Housing and Redevelopment Authority (HRA) holding a second mortgage on the property. You can use the financial assistance to pay for up to 50 percent of the required down payment, 100 percent of allowable closing costs up to $5,000 and to reduce the mortgage principle by 10 percent of the purchase price, up to $20,000.
Rehab Loans: The Plymouth HRA offers deferred, no interest loans to income qualifying applicants of up to $20,000 to help make home repairs and improvements.
Call 763-509-5410 for details on the Rehab Loan and First Time Homebuyer Programs.
Fix Up Loans: If your home needs electrical work, remodeling, landscaping, roofing, siding, paint or other work, you may be eligible for a below market rate loan of up to $35,000 through the Minnesota Housing Agency’s Fix-Up Fund. The loans are available to families with an income of $96,600 or less. Call Jim Hasnik at 612-335-5885, or visit the mncee website for more information.
