Homeownership Opportunity Minneapolis
Potential Minneapolis homebuyers who participate in financial coaching can get an added benefit: up to $10,000 in the form of a 0% interest, due-on-sale loan for a down payment on a home. These loans have no monthly payments and are paid back after 30 years or when the house is sold.
- Applicants must complete an approved financial wellness program prior to entering into a purchase agreement on a home AND be referred for the program by a participating agency.
- Buyers must also attend homebuyer education. NeighborWorks Home Partners offers HomeStretch workshops that meet this requirement.
- Buyers must have an income below $115,000. Buyers whose income is between $80,000 and $115,000 are eligible for $5,000. Buyers whose income is below $80,000 are eligible for $10,000.
- Owner-occupied single family and duplex homes within Minneapolis city limits are eligible. This includes townhomes and condos.
- These funds cannot be layered with these other City of Minneapolis programs.
NeighborWorks Home Partners is an administrator of this program in partnership with the City of Minneapolis.