The City of Alexandria is working with a state agency to provide affordable first-time homebuyer loans.
Minnesota Housing has announced it has more than $52 million available through a collaboration with Minnesota cities and counties. That includes $194,231 for Alexandria.
The Minnesota Housing Start Up loan program offers fixed interest rates and downpayment and closing cost loans of up to $15,000 for eligible first-time homebuyers. Buyers of homes in Alexandria of up to $283,300 are eligible. Income limits vary by location and household size, and are as high as $101,800 in certain circumstances.
“Home ownership continues to be an important component of the long-term financial stability of the community,” said Mike Weber, the city’s community development director. “Our partnership with Minnesota Housing over the last 20 years has produced almost $9 million dollars in first-time homebuyer assistance locally.”
Minnesota Housing offers purchase, refinance and home improvement loans, along with financing for affordable rental housing.
“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,” Minnesota Housing Commissioner Jennifer Leimaile Ho said. “These affordable loans make homeownership more accessible for more Minnesotans.”
First-time buyers can get started by contacting participating lenders in the Alexandria area. For a full list of approved lenders, current interest rates and program eligibility, go to mnhousing.gov.