GMHC – Brooklyn Center Renew Buyer Incentive Program – Loan

The Greater Metropolitan Housing Corporation has a ReNew Loan that provides qualified people with a $10,000 no-interest deferred loan to help with the purchase of a foreclosed single-family home in Brooklyn Center. After five years of the homeowner residing in the home as their principal residence, the loan would be completely forgiven.

The loan is geared towards helping buyers with down payment, closing costs, or even home repairs. This loan can only be used in association with a prime ‘A’ fixed-rate mortgage. There are also income limits, like one-two member households no higher than $83,900 and three or more households no higher than $96,485.

Summary:

  • 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.

GMHC – Brooklyn Center Renew Buyer Incentive Program – Grant

The Greater Metropolitan Housing Corporation is offering a ReNew Grant to incentivize buyers to purchase in Brooklyn Center. The grant can cover up to 3.5% of the acquisition costs, no more than $7,000 — this can be used toward the down payment and the closing costs.

Qualified buyers need to be utilizing a FHA 203k Purchase Rehab loan or another approved rehab loan. The property in question needs to be foreclosed and officially registered as vacant. There are also income limits, with 1-2 member households capped at $83,900 and three or more households capped at $96,485.

Summary:

  • 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.

Buying your first home can be overwhelming. Let us help!  We are committed to finding you any grant monies or assistance programs available to you.  Our buyer agent services are FREE!  Please contact us for more information.  We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!


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