My wife and I are first time home buyers, and we have tried to find a home that needs work, as both of our families are in contracting. Most banks have made loans very difficult to obtain for financing renovation and purchase of a home. Capstone Bank offered the best deal that we could find, but it was still a stretch for us as the down payment and interest rate are high. The HUD 203K loan is a no go, as banks won't allow it without ridiculous amounts of red tape to be wrapped around it, making it too expensive for both the home buyer and contractor. It would be great if the city would implement a plan for families to receive affordable loans to have damaged homes renovated. This would bring families back into communities like Forest Lake and even Alberta. I know I would love to bring life back to some of these homes in these communities, but I don't have gross amounts of cash to buy property with and finance renovation. The people who have cash are renters, and they're not particularly interested in getting these houses into the hands of home buyers like myself. They want the homes to have tenants in them bringing them money. I'm not against people making money, but many of us don't want our communities to become low income rental property.

Jordan