Investing in St. Paul just got a lot easier due to a new housing loan program now available in Dayton’s Bluff and elsewhere in the city.
SHOP (Sustainable Home Ownership Program); a nonprofit mortgage broker, is a revitalized program of the Greater Metropolitan Housing Corporation in partnership with the Dayton’s Bluff Neighborhood Housing Service.
Simpler paperwork, Rehab costs estimates
Purchase/rehab loans have been hard to get, and hard to close on, due to uncertainty about the actual cost of the needed rehab as well as uncertainty about getting the work fully completed and on budget. The mortgage foreclosure crisis has put lots of good homes on the market, but many are in need of repairs and/or rehab due to the absence of a caring owner.
Prices have come down and buyers are snatching up some great deals; yet the ones needing obvious repairs or rehab have not sold as easily. This new SHOP program enables homebuyers to get at these properties with confidence; and also obtain access to some of the best overall bargains available . . . single-family home purchase/rehab opportunities.
SHOP’s primary mission is to provide high quality mortgage broker services and products to underserved populations and help revitalize low and moderate-income communities-especially those affected by high numbers of mortgage foreclosures like Dayton’s Bluff. Yet SHOP is a full service mortgage broker, offering a wide variety of mortgage lending programs, including FHA, VA and conventional loans.
Contract for deed available
SHOP also offers affordable housing loans via St. Paul’s City Living program; and have a unique contract for deed program in Dayton’s Bluff that allows a purchase while buyers repair their credit and finances. Once their financial house is in order, the buyers, with SHOP’s help can refinance into a regular mortgage a few years later.
Homeowners who are having problems with their current mortgage can also get guidance, help, and assistance by contacting SHOP. Visit their website www.shop-mortgage.org or call Nicole Doran at 651-793-8906 to get information and applications.