Interest in city loans growsThe number of local residents using new city loans to help finance home purchases is growing.
The number of local residents using new city loans to help finance home purchases is growing.
The city saw 10 first-time homebuyer and foreclosure purchase loans approved by late October. Another 10 loans – five from each program – are to be closed by mid-November.
“There’s additional activity out there, too,” Karl Batalden, Woodbury’s housing specialist, said of prospective borrowers.
Qualified borrowers can obtain a $25,000 loan as either a first-time home buyer or someone who is buying a foreclosed property. The loans’ interest rate is 3 percent. Interest is owed monthly, but the principle is deferred for 30 years or until the next sale.
The city also offers $5,000 “Woodbury Goes Green” loans for home energy improvements. It has seen one of those loans closed.
- Scott Wente