Saint Paul and Minneapolis CityLiving Program Revived

Friday, February 12th, 2010 at 6:09pm. 90 Views, 1 Comments.

St. Paul Mayor Chris Coleman and Minneapolis Mayor R.T. Rybak have jointly announced $41 million in new funding for the CityLiving Program. CityLiving helps first time homebuyers purchase homes in either city.

The CityLiving Program offers below-market interest rates on mortgages as well as down payment and closing-cost assistance. In order to quality for the funding, homebuyers’ household income cannot exceed $92,290 and the purchase price for a single-family home can’t be greater than $276,870.

"We have an opportunity for people to invest, to get a good deal on an interest rate, get some assistance with a down payment, and get back into the cities," said Coleman. "It's a win-win for the potential homeowner, first-time homebuyer, and it's certainly a great…

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Home Ownership Programs in Woodbury MN

Monday, November 16th, 2009 at 11:42pm. 102 Views, 1 Comments.

There are several home buyer programs in Woodbury MN, both for first time home buyers and people who have owned homes in the past.

First, there is the Woodbury First-time Home Ownership Program.  The aim of the program is to encourage home ownership in Woodbury MN by providing financing to low- and moderate-income first-time home buyers. Low-interest, deferred loans of up to $25,000 are available to qualified families who earn no more than 80% of area median income, currently $64,000 for a family of four. First-time home buyers are defined as a person or household that has never owned a home or has not owned a home in the last three years. The purchase price of the affected homes may not exceed $256,500. Single-family detached houses, townhomes or condo…

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City of Saint Paul First Time Home Buyer Programs

Friday, November 6th, 2009 at 2:25pm. 256 Views, 0 Comments.

There are many programs available to first time home buyers throughout the City of Saint Paul and in some cases, specific St. Paul neighborhoods.

In particular, the CityLiving Home Program offered by the Saint Paul Home Loan Fund makes home ownership affordable. Through a joint effort shared with the City of Minneapolis, St. Paul offers mortgage loans and home improvement loans through the program. CityLiving loans offer homebuyers an opportunity to purchase St. Paul homes at an interest rate that historically has ranked well below market rates. This program has helped low- and moderate-income families for 20 years. More than 10,000 people have purchased a home through the CityLiving program. Read more information about Saint Paul's CityLiving Home…

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First Time Home Buyer $8,000 Federal Tax Credit Extended & Expanded

Thursday, November 5th, 2009 at 2:37pm. 220 Views, 2 Comments.

A $24 billion package that seeks both to stir the sluggish economy and help out millions who have found themselves unemployed is being sent to President Barack Obama for his signature.

The measure extends the $8,000 federal tax credit for first-time home buyers and even expands it with a $6,500 credit for some prospective home buyers who already own homes. Set to expire at the end of the month, the credits will apply to house contracts entered into before April 30, 2010, and closed by June 30.

Additionally, the nearly 2 million people who have lost or are in danger of exhausting unemployment benefits before the end of the year will receive up to 20 weeks in additional benefits.

President Obama is expected to sign the measure quickly.

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Deadline to Qualify for Federal Tax Credit is Approaching

Wednesday, October 7th, 2009 at 11:34pm. 142 Views, 2 Comments.

If you have been paying any attention to the real estate market, you know that sales in the lower-priced end is picking up. First time home buyers are racing to qualify for the $8,000 federal tax credit. The credit will cover up to 10% of a home's purchase price, and is available to U.S. residents who haven't owned a home for at least the past 3 years. In order to qualify, they must also close on a home purchase on or before November 30.

The credit took effect in April and has helped the lower segments of the nation's housing market. The National Association of Realtors estimates that by the end of this year, the credit will have boosted home sales by 350,000 units. As many as 2 million first-time buyers will take advantage of the tax credit. In Minnesota,…

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New First Time Home Buyer Resource for Minnesota

Wednesday, November 5th, 2008 at 11:24pm. 125 Views, 0 Comments.

As real estate prices tumble and the amount of programs to help out homeowners, many Minnesotans are considering buying their first home soon.  However, there are a lot of low-quality websites out there that don’t provide a lot of useful information for the potential first time home buyer.  It can make researching the process of buying your first home a longer process than it has to be.

Because of the lack of real, comprehensive information for first time home buyers considering buying a home in the Twin Cities area, we have launched the Minnesota First Time Home Buyer Website.  At this site, readers will find information about federal first time home buyer programs, Minnesota state first time home buyer programs, and Minnesota county first time home…

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Increase in Tax Credit for First Time Home Buyers?

Monday, November 3rd, 2008 at 10:50pm. 121 Views, 0 Comments.

As I mentioned in a previous post, first time home buyers could receive a tax credit up to $7,500 on first homes purchased between April 9 of this year and June 30 of 2009.  There could be more good news in the works! Potential home buyers could receive additional tax and financing incentives within the next few months.  It could come from either a post-election lame-duck congressional session or from the newly elected Congress arriving in January.

To encourage activity in the housing market, national housing industry trade groups are pushing federal officials for a new round of emergency economic stimulus legislation to jolt the housing market into action. Though House and Senate leaders have not officially agreed on whether or not to hold a session…

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Saint Paul Home Buyer Programs

Thursday, September 4th, 2008 at 11:14pm. 102 Views, 0 Comments.

There are lots of great programs for first time home buyers and for those who are looking for their next home.  I’ve put together some of the information below to give home buyers what they need to know in order to check the programs out.  Please take a look below!

CityLiving Home Programs
The City of Saint Paul offers mortgage loans and home improvement loans through its CityLiving Home Program, a joint effort shared with the City of Minneapolis. CityLiving loans offer homebuyers an opportunity to purchase St. Paul homes at an interest rate that is generally below market rates. More than 10,000 people have purchased a home through the CityLiving program over the past 20 years. Here are the qualifications the program expects:

• Maximum …

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Invest Saint Paul: Community Days

Wednesday, September 3rd, 2008 at 11:59am. 110 Views, 0 Comments.

As part of Mayor Chris Coleman’s Invest Saint Paul initiative, Community Days events have been happening all across St. Paul.

The aim of Community Days is to bring fun, family friendly events to residents, as well as information about resources and opportunities available to them in Saint Paul.  Activities include free prizes, Parks and Rec Mobile Team with games and arts and crafts for kids, Saint Paul Public Libraries’ Bookmobile, a fire truck, ambulance, and police officers and fire fighters for residents to meet.

“These events provide an opportunity for us to engage with residents and educate them about what the city has to offer and how residents can work with our departments to benefit themselves and their neighborhoods,” Mayor Coleman said. “By…

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Interest Free $7,500 for First Time Home Buyers

Friday, August 1st, 2008 at 8:07pm. 152 Views, 0 Comments.

A home purchase tax credit is available now through a housing bill approved by Congress in July. If you have never owned a home or haven’t owned a house during the past three years, and you can close within the qualifying dates, you may be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).

If you have or will close on a house between April 9, 2008, and June 30, 2009, you could be eligible for the tax credit.  It can be a new or old home, a house in any location or condition, and within any price range so long as it is bought during the selected time period

Essentially, Congress is offering tax credits to draw in more home buyers in order to jolt housing sales and sell off high…

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