Homeownership fairs to provide tips on purchasing foreclosed homes

People in the market for a new home can learn how to purchase a foreclosed property at two free homeownership fairs sponsored by the City of Milwaukee, US Bank, Freddie Mac, and the Milwaukee Homeownership Consortium.

“Foreclosed properties offer real opportunity for people searching for a home at a reasonable price,” said Mayor Tom Barrett. “We are committed to helping responsible owner-occupants purchase these properties, so they once again become assets to their neighborhoods.”

The fairs, on October 14 and October 22, 2009, will share information about foreclosed properties available for sale in the city of Milwaukee, and describe how the City-sponsored Homebuyer Assistance Program can provide assistance for purchase and rehabilitation of foreclosed properties. The program provides forgivable second mortgage loans of up to $30,000 to owner-occupants who buy and renovate a foreclosed home. Households earning up to 120% of Area Median Income ($84,840 for a family of four) can participate in the program; the program is not limited to first-time buyers. The program also includes technical assistance to identify rehabilitation work items, obtain bids, and monitor construction quality.

Realtors, mortgage lenders, representatives of local homebuyer counseling agencies, and Milwaukee Department of City Development staff will make presentations at the fairs and answer individual questions.

The workshops will be held as follows:
 

	5 to 7 pm Wednesday, October 14, 2009
		South Division High School auditorium 1515 W. Lapham Blvd. Presentations begin at 5:30 pm (English) and 6 pm (Spanish).
	5 to 7 pm Thursday, October 22, 2009
		Hi-Mount Boulevard Community School 4921 W. Garfield Ave. Presentation begins at 5:30 pm.

More information is available at www.MilwaukeeHousingHelp.org.