“Going, Going . . . Gone”
According to my office’s in-house mortgage lender — Steve Mohabir of Edina Mortgage — the cupboard is almost bare at Minneapolis’ loan program for first-time Buyers, called Minneapolis Advantage.
Specifically, only 4 loans are left out of 100 originally made available.
According to Mohabir, other municipal loan programs around the Twin Cities are facing similar issues. The result is, the burden is on borrowers not just to track currently available programs, but to monitor how well-funded they are.