Interest in city loans grows

Talk about it

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

Tags: local government, first-time homebuyers, loans, woodbury, housing