Homeownership Opportunity Minneapolis
Potential Minneapolis homebuyers who participate in financial coaching can get an added benefit: up to $10,000 or up to $20,000 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.
Program Highlights
- Updated requirement as of 3/24/22: applicants must complete an approved financial wellness counseling appointment no later than three business days prior to closing on a home.
- Applicants can apply for a pre-approval for HOM funds. Once your application is determined eligible, the pre-approval is good for 60 days.
- Buyers must also attend homebuyer education. NeighborWorks Home Partners offers HomeStretch workshops that meet this requirement.
- The Borrower/s can have either a Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN)
- The maximum loan for applicants 60% AMI or below will be $20,000.
- The maximum loan for applicants 60% to 80% AMI will be $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.
Read the complete guidelines here.
NeighborWorks Home Partners is an administrator of this program in partnership with the City of Minneapolis.
How to Get Started
Your loan officer will submit an application on your behalf. Please let them know you are interested in Minneapolis HOM Down Payment Assistance and refer them to this page.
