A bigger down payment saves you money every month.
NeighborWorks Home Partners is proud to be a provider of Project Reinvest: Homeownership Down Payment Assistance (DPA.) If you are a qualified buyer, you can receive a loan of $10,500 to be used toward a down payment on a home in Minneapolis or Saint Paul. The loan does not have any monthly payments and does not accrue interest, and is paid back when you sell the home. This reduces the amount of the principal on your primary mortgage, so your monthly payments are lower.
- Qualified buyers must have an annual income that is at or below 100% of the area median income. (AMI.) For a family of two, the limit is $72,400. View the full chart.
- Homes must be within city limits of Minneapolis or Saint Paul.
- Buyers must get their primary mortgage through a Project Reinvest-certified loan officer at an approved lender.
What do I need to get started?
Before you can apply, you will need a fully executed purchase agreement for a home, and a pre-approval letter for your mortgage, from an approved provider. Please note that a pre-approval letter is not the same as a pre-qualification. It will show an approved amount for a specific property address, and indicate that your credit report was reviewed.
The application and approval process takes a minimum of 40 days to complete. No loans will be closed before December 18, 2017.
What else do I need?
You’ll need to provide documents to verify your income and eligibility for Project Reinvest: Homeownership. These are many of the same items you use when you apply for your primary mortgage.
Buyers participating in Project Reinvest: Homeownership are also required to take 8 hours of homebuyer education from an approved provider.
Our application process is online, letting you create and access your account 24/7. Begin by creating an account in our NeighborWorks Compass system.