While recognizing that every member of the community can contribute to our neighborhoods, homeowners are an especially vital link in an area's infrastructure. Homeowners tend to move less frequently than renters, and often become more invested and active in their community. That's a big part of the reason why the Minneapolis Advantage loan program was designed to help bring in homeowners to neighborhoods that most need more owner occupied housing. The Northside Homeowners' Association was created by homeowners, to help promote their interests and homeownership in our community, and all current and prospective Northside homeowners are welcome to join.
The Advantage program is designed for buyers who will owner occupy a property, and can be used for single family homes or duplexes. That means it is possible to purchase a duplex, live in one half and rent out the other half for additional income. In some instances, it may be possible for a renter to pay almost the entire mortgage payment, depending upon the size of the loan and the amount of the rent. Additionally, a homebuyer obtaining an FHA loan - either the standard loan (a 203b) or a special fix up 203k loan - can purchase up to a four-unit building to owner occupy. What better way to ensure a property will be properly managed than to have the owner living on site? In looking for a new Northside home, a multi family property might be the right option for you.
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