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Brooklyn Center

Brooklyn Center Home Buyer Assistance Programs

http://www.mndreams.com/community/area/Brooklyn%20Center/

Ensuring neighborhoods are safe and attractive is a high priority goal for the City. Several programs and activities are in place to address this goal from maintaining the housing stock to helping reoccupy vacant housing with responsible homeowners. 

With a commitment to neighborhood housing, the city’s ReNew Home Purchase Assistance programs are designed to help you invest in your future by making your home in Brooklyn Center. The City of Brooklyn Center's ReNew Home Purchase program is getting foreclosed, vacant homes re-occupied with responsible, informed homeowners. The program is designed for people who can afford to purchase and maintain a home, along with managing the responsibilities of home ownership. More than half of the funds have already been used by new Brooklyn Center homeowners. 

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ReNew Buyer Incentive Program (Loan)

The ReNew loan is a down payment and closing cost assistance program for eligible buyers. This loan offers up to $10,000 in a 0% interest loan, and the loan is forgiven after five years if the buyer has homesteaded and lived in the home continually during that time. Several types of approved loans may be used for this program if all criteria are met, such as a conventional loan, purchase rehabilitation loan (i.e., FHA 203K), etc.

Program Overview:
  • Home must be located in Brooklyn Center.
  • Up to $10,000 no-interest deferred loan for qualified buyers.
  • Loan is forgiven after five years of the home being the buyers homestead.

ReNew Buyer Incentive Program (Grant)

The ReNew grant is a down payment and closing cost assistance program for eligible buyers. The program offers a 3.5% grant up to $7,000 with the use of an approved rehabilitation loan, such as a FHA 203K loan. A minimum $15,000 of approved home improvements (repairs, remodels, or additions) must be made to the home. Qualified contractors and permits will be required as applicable. This grant does not have to be paid back if all the conditions are met. 

Program Overview:
  • Property needs to be located in Brooklyn Center.
  • Up to $7,000 in closing cost and down payment assistance.
  • Must be utilizing a FHA 203k Purchase Rehab loan.
  • Property must be foreclosed on.


 

Minnesota Housing Community Fix Up Loan

Brooklyn Center offers a special low-interest home improvement loan in partnership with the Minnesota Housing Finance Agency.  Owner-occupied households, from single-family up to four units, with an annual income at or below $96,500, can borrow up to $50,000 at a 3% interest rate.  Loan term can extend to 20 years.  Funds may be used to repair or remodel your home, including energy-saving improvements.  This low interest rate is available for a limited time.Also available is an unsecured loan up to $15,000 with no equity requirement for a higher interest rate.



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