St. Louis Park – Live Where You Work
I was working with a Minnesota First Time Home Buyer last week and we were searching for properties in St. Louis Park, MN. One listing told us the buyer could get $2,500 in local grants, so we decided to look into it.
As it stands now, St. Louis Park has a buyer incentive called “Live Where You Work”. The program is designed to encourage employees of the city to buy properties and not have to commute as far for work. Here’s a quote from the city’s website on the program:
Once the employee obtains a mortgage from a participating lender, the grant can be used to help finance a down payment, closing costs and gap financing. The program not only gives workers an opportunity to own a home close to their job, it increases employee loyalty, retention, and morale, and creates a positive community building environment for the homeowner and their family, the company they work for and the city. Having employees living in the community also will reduce commute times and fuel costs.”
The good news is that this program is not limited to First Time Home Buyers, so even repeat homeowners can benefit from this grant.
There is also a nice $1,000 bonus if you’re buying an REO (Foreclosure) property.
Like all buyer programs, there are certain restrictions on the sale, so check with an expert before diving in.
See this Flyer for more info
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