Tuesday, October 6, 2009

Finding Down Payment Money in the Suburbs

A lot has been written about the down payment assistance funds available in Minneapolis neighborhoods hit hard by foreclosure. Although I'm a loyal urban girl myself - I also know a lot of buyers aren't interested in living in the City for a variety of reasons - their work isn't here, their friends aren't here, or perhaps they just want a house on a larger lot than you typically find in the City.

In researching down payment assistance programs, I recently found one specifically for folks who work in Ramsey County and who want to live in suburban Ramsey County. Some income restrictions apply, and you have to be a first time buyer - but you might be surprised at the details. One of my buyers can qualify for up to $20,000 of down payment assistance to bring the monthly payment down to 30% of the buyer's monthly income.

For more information on the program, drop me a note via my website at www.stephaniegruver.com or at stephg@kw.com


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