Wednesday, May 20, 2009

Buying a home on St Paul’s East Side? Understanding the Pohlad Family Foundation Homebuyer Program

The Homebuyer Assistance Incentive Program from the Pohlad Family Giving Foundation is the program that everyone is talking about on the east side of St Paul! It is a great program for homebuyers looking to buy in St. Paul’s 55106 zip code and available through the Pohlad Family Giving Foundation. I am currently working with several buyers who are interested in this program and boy are the homes selling quickly in these communities! Every other listing agent makes a point of reminding me about the "$8000 Pohlad money" for the buyer, as if we had not heard of the program. But few ot these agents have delved into the details. Some of the stories about the program are a bit exaggerated or misunderstood. Unfortunately, it is not as simple as a homebuyer purchasing a house and walking in to the Dayton's Bluff Neighborhood Housing Services of St. Paul to collect an $8000 check. That said, this is still an awesome opportunity if you want to live on the east side of St. Paul!
Here are some of the program's highlights:
*The funds up to $8000 are distributed in the form of a 7 year forgivable deferred loan.

*The loan will have an interest rate of 0%.

*Homebuyers must occupy the property as their principle residence for 7 years.

*Single family homes and duplexes purchases are eligible.

*The funds will be distributed on a first come, first served basis.

*It is only available in the 55106 zip code in St. Paul or 55411 zip code in Minneapolis.

* The funds can be used for down payment and/or closing costs including prepaids.

*First time homebuyers will have to take an approved homebuyer education class.

*Successful, prior homeowners will not have to take a homebuyer class.

*Funds are available to both first time homebuyers and previous homeowners alike.

*There is no maximum household income for the program.

*All homes must close prior to December 31, 2009.

If you are a home buyer interested in buying a home in the Dayton’s Bluff area and want to take advantage of this program, you NEED to be working with a REALTOR® and loan officer that understand the details of how the funding will best work for you. Must of the application process is supplemented by information provided from the mortgage lender or loan officer. Be certain that the people you select to work with really understand how the program works so you don’t miss out on this opportunity.

Copyright 2009 Teri Eckholm