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Get over $10,000 in down payment assistance if you live in this 11-county metro area
Note: As of 3/13/2023, there are no funds available for this program. Please keep checking this page for updates.
If you are buying a home in Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington or Wright county, you may qualify for over $10,000 in Metro Home down payment assistance!
Who qualifies?
- Qualified buyers must have an annual household income that is at or below 80% of the area median income (AMI) If the property is located in a qualified census tract, the borrower annual household income cannot exceed 120% of the area AMI.
- Buyers must have a minimum cash investment of $1,000 or 1% of the purchase price from their own verifiable funds.
- Buyers are required to take 8 hours of homebuyer education from an approved provider or Framework (online) + a 1 hour in-person pre-purchase appointment from an approved provider.
- No collections/chargeoffs up to $2,000 will be allowed. Medical debt is excluded.
- Debt to income ratio cannot exceed 50%.
How do I apply?
Your loan officer will submit your application for you. Please allow 30 days to close from the time the application is submitted.
Information for Loan Officers
Program Guidelines
Program Overview: The Metro Home Down Payment Assistance program is designed to provide down payment and closing cost assistance loans to help potential homeowners get into the home of their dream.
Loan Amount: loan amount up to 20% of purchase price, $10,000 min.
Eligible Use of Funds: Funds will be used for down payment and closing costs (does not include points or appraisal shortages). Cash back is not allowed. Funds may be layered with other down payment programs. Metro Home cannot be layered with NWHP Community Keys Plus down payment program. Funds are available on a first come-first served basis with a fully signed purchase agreement.
Interest Rate & Deferred Loan Term: The interest rate is below market rate and will be fixed, with monthly installment payments over a term of up to 30 years.
Loan Security: The loans will be secured by a mortgage in favor of NeighborWorks Home Partners.
Applicant Eligibility:
- Qualified buyers must have an annual household income that is at or below 80% of the area median income (AMI). If the property is located in a qualified census tract, the borrower annual household income cannot exceed 120% of the AMI.
- Buyers must have a minimum cash investment of $1,000 or 1% of the purchase price from their own verifiable funds. Gift funds, grants, or loans are not acceptable.
- Homebuyer Education: Buyers are required to take 8 hours of homebuyer education from an approved provider or Framework (online) + a 1 hour in-person pre-purchase appointment from an approved provider. Homebuyer education must be completed 72 hours prior to closing.
- If you are buying a duplex, triplex, or four-plex, buyers will also need to complete Landlord Education prior to closing.
- Buyers must homestead and occupy the property as their primary residence for the life of the loans.
- No collections/chargeoffs up to $2,000 will be allowed. Any collections/chargeoffs over $2,000 must be paid down to $2,000 or less prior to closing. Medical debt is excluded.
- Debt to income ratio cannot exceed 50%.
Property Eligibility: Home must be in 11 county metro:
- Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright.
- Single family homes, townhomes, condos, and 2–4-unit properties.
- No max purchase price.
- The first mortgage must be a prime/A-rated fixed rate mortgage loan.
- Properties may not be within the flood plain as identified by FEMA.
Application Process: Your loan officer will submit your application for you. Please allow 30 days to close from the time the complete application is submitted. Lender Timeline is available here: View lender package/timeline.
Disbursement Process: If the application meets the program guidelines, the loan funds will be wired to the Title Company from NeighborWorks Home Partners. The buyer will sign the loan documents at the first mortgage loan closing.
