Loan amount
The amount you can receive is determined by:
- Your income, and
- The area median income (AMI) for your household size
You can receive:
- $10,000 If your income is at or below 80% of the AMI.
- $20,000 If your income is below 60% of the AMI.
Down payment assistance rules
First-time home buyers should review these rules before applying for a down payment assistance loan from the City.
Loan amounts and income limits
2024 income limits
| Household size | 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|---|
| 60% AMI | $52,200 | $59,640 | $67,080 | $74,520 | $80,520 | $86,460 |
| 80% AMI | $68,500 | $78,250 | $88,050 | $97,800 | $105,650 | $113,450 |
The US Department of Housing and Urban Development (HUD) updates these limits each spring.
Use of funds and education requirements
Use of funds
The funds can be used to:
- Buy a home for you and your family to live in.
- Make a down payment and cover standard closing costs.
You should know
- You may not combine funds from more than one City program to buy the house.
- If you are purchasing on a Contract for Deed, the City must approve it.
Education requirement
You must complete a homebuyer class before you can use the funds.
Contact us
Ryan Nestingen
Community Planning & Economic Development (CPED)
Address
Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415