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.
Program Highlights
- 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.
Read the complete guidelines here.
NeighborWorks Home Partners is an administrator of this program in partnership with the City of Minneapolis.
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