NeighborWorks Leap Down Payment and Closing Cost Assistance Loan
Ready to jump into homeownership? NeighborWorks Leap Down Payment provides down payment and closing cost assistance for homes anywhere in the Twin Cities 7-County Metropolitan Area. This assistance is available to first-time and repeat homebuyers who are purchasing a home using NeighborWorks first mortgage products.
Leap DPA can also be applied for homeowners who are refinancing their mortgage with NeighborWorks refinance products.
- Borrowers with incomes up to 140% of the Area Median Income.
- Homes must be owner-occupied and located within the 7-County Metropolitan Area (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington Counties)
- Single family, condominium, duplex, triplex, 4-Plex properties, and permanently affixed manufactured homes recorded as real property may qualify.
- Must be paired with NeighborWorks First Mortgage products.
Other underwriting criteria may apply.
How Much Down Payment Assistance Can I Get?
All eligible buyers may receive up to $20,000 in down payment assistance, structured as a low-interest loan paid back with monthly payments.
Buyers of properties located within the designated service area may receive some or all of that amount (depending on borrower income) as a due-on-sale, deferred loan at 0% interest with no monthly payments. The due-on-sale amount must be paid back when the property is sold or no longer occupied as a primary residence. The remainder of the loan is paid back monthly.
Can this DPA be be combined with other programs?
NeighborWorks Leap Down Payment Assistance allows layering with other down payment programs (contingent upon the other program terms) to build a larger down payment.
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