Alexandria, Minn. – Minnesota Housing announced over $52 million is available to provide affordable mortgages to first-time homebuyers through a collaboration with Minnesota cities and counties, including
$194,231 for Alexandria.
Homebuyers can take advantage of these resources through the Minnesota Housing Start Up loan program, which offers fixed interest rates and downpayment and closing cost loans up to $15,000 for eligible first-time homebuyers. Buyers can purchase homes in Alexandria that cost up to $283,300. Income limits vary by location and household size, going up to $101,800
“Home ownership continues to be an important component of the long-term financial stability of the community...” says Mike Weber, the City’s Community Development Director. “Our partnership with Minnesota Housing over the last twenty years has produced almost $9 million dollars in first-time homebuyer assistance locally.”
Minnesota Housing is a state agency that provides access to safe and affordable housing and builds stronger communities across the state. Minnesota Housing offers purchase, refinance, and home improvement loans, as well as financing for affordable rental housing throughout the state.
“Community partnerships between Minnesota Housing, cities such as the City of Alexandria, and local lenders help over 2,000 households a year purchase their first homes,” said Minnesota Housing Commissioner Jennifer Leimaile Ho. “These affordable loans make homeownership more accessible for more Minnesotans.”
First-time buyers can get started by contacting participating lenders in the City of Alexandria area. Visit www.mnhousing.gov for a full list of approved lenders, current interest rates, and program eligibility.
Minnesota Housing collaborates with individuals, communities, and partners to create, preserve, and finance housing that is affordable. Find out more at www.mnhousing.gov. Follow us at www.facebook.com/minnesotahousing and on Twitter @mnhousing.