Foreclosed homes can be an opportunity for homebuyers to leverage the resources they may have for a home purchase. However, there are potential pitfalls that could occur as well, but many resources can assist you through the process.
The following links feature people and organizations that discuss what it takes to buy and renovate a foreclosed home, including what assistance is available from Take Root Milwaukee Members.
The City of Milwaukee offers tax-foreclosed homes for sale online at www.milwaukee.gov/CityHouses. Properties are offered to owner-occupants for the first 30 days, and then to investor owners. When you buy a City-owned home to live in as an owner-occupant, the City will reimburse you with a cash-back reward for up to $500 in landscaping. Purchase plants, flowers, bushes, sod, fencing and more! Learn more about the $500 ROOTS Landscaping Incentive.
Additionally, the City’s Neighborhood Improvement Development Corporation (NIDC) provides fully forgivable loans up to $20,000 to assist owner-occupant buyers with rehabilitation. The Homebuyer Assistance Program is available throughout the city of Milwaukee, is not limited to first time homebuyers, and has no maximum income limits for qualification. Free technical assistance helps with scope of work development, soliciting bids from licensed contractors, and monitoring rehabilitation. Attend a Homebuyer Orientation Session to learn more about this exciting opportunity!
Program information and a list of upcoming information sessions are available at http://city.milwaukee.gov/HBA
The City also has homes for sale that have been renovated through the Neighborhood Stabilization Program (NSP) by the Neighborhood Improvement Development Corporation or one of their development partners. Purchasers are required to fall within the income guidelines established for the program and are required to complete 8 hours of homebuyer education from a HUD-approved counseling agency before an offer is submitted. Check back often because the pace of sales has been brisk and new homes will be coming available throughout the season. View the listings here
HomeSteps is the Freddie Mac sales unit responsible for marketing and selling Freddie Mac real estate owned (REO) homes to homebuyers and investors. We sell our homes through a national network of real estate agents and vendors. We have thousands of desirable and affordable homes located throughout the country. Visit www.HomeSteps.com to search for available homes in your target neighborhood and to learn more about our homebuyer offers.
© 2010 Take Root Milwaukee. Take Root is a service mark of Freddie Mac.
The consumer information on TakeRootMilwaukee.org is used with permission from Freddie Mac. Freddie Mac offers extensive, regularly updated consumer information about buying and owning a home on its website, www.FreddieMac.com, in the “About Homeownership” section. Freddie Mac is not responsible for content errors or omissions on TakeRootMilwaukee.org.
The funding source of this activity is the Milwaukee Homeownership Consortium and Freddie Mac.