Community Planning & Economic Development

Phone: (612) 673-5095
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Homebuyer Down Payment Assistance

Homebuyer Down Payment Assistance provides closing costs and reduces the amount of your first mortgage. Eligible homebuyers have access to down payment and closing cost loan programs offered by the City of Minneapolis. Additional eligibility requirements may apply.

Area Median Income (AMI) limits are based on Minnesota Housing. Limits are updated annually.


Programs


Income Limits

Loan Amount

Repayment

Additional Eligibility Requirements
Grow North Not to exceed
115% AMI
115% AMI: $5,000
80% AMI: $10,000
0% interest
Deferred 30-year term
Due on sale
Employees of north Minneapolis employers, physically residing and operating in north Minneapolis, to buy a home in north Minneapolis
Home Ownership
Works (HOW)
Not to exceed
80% AMI
$1,000 -$14,999 0% interest
Deferred 30-year term
Due on sale
Buy a single family home rehabilitated or constructed through HOW
Homeownership
Opportunity
Minneapolis (HOM)
Not to exceed
115% AMI
115% AMI: $5,000
80% AMI: $10,000
0% interest
Deferred 30-year term
Due on sale
Successful completion of Financial Wellness counseling and MUST be referred by a City-approved counseling agency
Minneapolis Homes:
REHAB Homebuyer
Assistance
Not to exceed
115% AMI
$10,000 0% interest
Deferred 30-year term
Due on sale
Buy a home to rehabilitate or one that has been recently rehabilitated through Minneapolis Homes REHAB
Minneapolis Homes:
Affordability Gap
Homebuyer Assistance
Not to exceed
80% AMI
$1,000-$37,500
LTA:
$1,000-$95,000
0% interest
Deferred 30-year term
Due on sale
Buy a home constructed through Minneapolis Homes Development Assistance
Minneapolis Homes:
BUILD Homebuyer
Incentive
N/A Up to $20,000* 0% interest
Forgiven over a five-year owner
occupancy period
(1/60 per month)
Additional $5,000 is available to active, uniformed, sworn City of Minneapolis police officers, firefighters, EMTs and full-time Minneapolis Public School pre-K – 12 teachers
Neighborhood
Stabilization Program
(NSP)
Not to exceed
120% AMI
Up to $7,500 0% interest Forgiven after five-year
owner occupancy period
Buy a home rehabilitated or constructed through NSP

Minneapolis Homes Homebuyer Assistance Programs information (PDF)

Requirements:

NOTE: Borrowers do not have to be first-time homebuyers

Grow North Guidelines (PDF)

Minneapolis Homes Affordability Gap Homebuyer Assistance Guidelines (PDF)

Homeownership Opportunity Minneapolis (HOM) Guidelines (PDF)

Home Ownership Works (HOW) Guidelines (PDF)

Minneapolis Homes BUILD Homebuyer Incentive Guidelines (PDF)

Minneapolis Homes REHAB Homebuyer Assistance Guidelines (PDF)

For more information contact Aarica Coleman, (612) 673-5078
 

Last updated Dec 4, 2018

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Para asistencia 612-673-2700, Yog xav tau kev pab, hu 612-637-2800, Hadii aad Caawimaad u baahantahay 612-673-3500. 

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