Pohlad Grant Deadline Looming~Now FHA Approved!

The deadline is looming! Not just for the tax credit for first time homebuyer. Anyone interested in buying a home in the 55106 Dayton’s Bluff area, needs to pay attention to the December 31st deadline for this program too!

It’s been a few weeks since I had checked the Dayton’s Bluff website for information on the Pohlad Homebuyer Assistance Incentive Program. This is the program that caused so much excitement for buyer’s in the 55106 zip code earlier this year. But this morning when I clicked over I got a very pleasant surprise! The funds are now approved for FHA financing!

If you haven’t heard about it yet, this is a great program for homebuyers looking to buy in St. Paul’s 55106 zip code and available through the Pohlad Family Giving Foundation. However, they are not just giving away money here. The funds are distributed at the time of the purchase of the home as a forgivable loan. So 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 http://www.terieckholm.com/

Pohlad Funding Update…Plan Ahead when Planning to Use this Funding

6/2/2009 UPDATE: Application is on-line as of today!

Buyers that want to take advantage of the up to $8000 in special funds available for the 55106 and 55411 zip codes made available by the Pohlad Family Giving Foundation need to do their homework and plan ahead.

As of today, the funding is NOT yet available at the Dayton's Bluff Neighborhood Housing Services of St. Paul (DBNHS). I spoke with a representative of DBNHS last week who said that the funding should be in place any day now but applications cannot be accepted for the program until the funds are received.

Once the funds are in place DBNHS will start accepting on-line applications but be advised it will take 30 days to process the application and first time homeowners are required to take a class before the funds are distributed. The funds will be distributed as a seven year forgivable loan so it cannot be retroactive to your purchase. If you were planning to close on your property at the end of June or first part of July, this may be a problem if you expect to use these funds.

The representative at the DBNHS advised to keep watch on the website as the link to the application will be posted as soon as the funds are available. Also remember there are limited funds available and this is a first come, first served program. When the funds are gone, the program is over so it will pay to stay vigilant if you want to take advantage of this unique opportunity.

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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 http://www.terieckholm.com/