Woodbury Foreclosure Purchase Program
Woodbury Foreclosure purchase Program
The City of Woodbury, in partnership with the Greater Metropolitan Housing Corporation (GMHC), has made down-payment and closing costs assistance loans available to encourage the purchase of foreclosed properties in the City of Woodbury. Current available dollars for loans are based upon the balance for any given period. The maximum loan amount is $25,000. The interest rate will be fixed at 3% simple annual interest with monthly installment payments of interest only. Payment of principle will be deferred until sale, transfer of title, when the primary mortgage is paid off, or when the property ceases to be owner-occupied. Loan term shall not exceed 30 years. The loan funds can be used for downpayment and closing costs. The borrower cannot receive any portion in these funds as cash. There are Debt to income ratio criteria that must be met and the the home owner must contribute a minimum on 5% of the total cost of purchasing the property, including purchase price and closing costs. The property price cannot exceed $256,500 and it must be a principle residence. These are amazing loans and they can be combined with other loans. For more information, contact the City of Woodbury or call The Kawohl Team at 651-770-5646