Minneapolis Neighborhood First Time Home Buyer Programs

Minneapolis Neighborhood First Time Home Buyer Programs

There are several programs and grant monies available for specific neighborhoods in Minneapolis.

Minneapolis Advantage

The Minneapolis Advantage loan program is a down payment and closing cost assistance program to help rebuild the housing market in key neighborhoods that have experienced mortgage foreclosures.  The program offers a $5,000 zero-percent interest rate loan that is forgivable over five years to anyone buying a foreclosed property or a property that was foreclosed that has been purchased by a non-profit, vacant or short-sale single family home in eligible neighborhoods (no Townhomes or Condos). 

Eligible neighborhoods:
Jordan Folwell McKinley
Central Webber-Camden Hawthorne
Sumner-Glenwood Shingle Creek East Phillips
Near North Phillips West Willard-Hay
Holland Lind-Bohanon Bottineau
Harrison Bryant Midtown Phillips
Cleveland Powderhorn Park Ventura Village
Beltrami Corcoran

Maximum income limits are $100,800, no purchase price limits apply and this program is not specific to first time buyers.

First Time Home Buyer Grants Available in Minneapolis

The following programs also offer monetary assistance to first time home buyers:

  • Cedar-Riverside – Homebuyer’s Assistance Loan and Grant Program ($2,000 to $15,000 at 0% interest) UNAVAILABLE

  • Cedar-Riverside – University District Partnership Alliance  (Up to $10,000) UNAVAILABLE

  • Folwell – Refer to Minneapolis Advantage Program

  • Harrison – Entry Cost Assistance Deferred Loan ( up to $4,000 3% interest )
    o 5-year forgivable loan
    o Up to $4000 at 3% interest
    o Maximum income $63,000
    o Don’t need to be first time buyer

  • Hawthorne – Hawthorne Advantage Program
    o Assistance equal to 3% of loan with a $4000  maximum
    o 10 year forgivable loan
    o No income limit
    o Borrower must invest on a 1:1 match
    o Don’t need to be a first time buyer

  • Jordan – Refer to Minneapolis Advantage Program

  • Lyndale – Home Buyers Assistance Program (HAP)
    o Up to $2500, interest-free loan
    o No income limits
    o Must be first time buyer
    o MUST have rented in the Lyndale Neighborhood for the year prior to applying for this assistance
    o Forgiven after 5 years
    o Not FHA approved, must use conventional financing
     
  • Marcy Holmes – University District Partnership Alliance  (Up to $10,000) UNAVAILABLE
     
  • McKinley – Homebuyer Assistance Program
    o Up to $4000, interest free loan
    o Forgiven after 5 years
    o No income limits
    o Don’t need to be a first time buyer
  • Near North & Willard Hay-Refer to Minneapolis Advantage Program

  • Phillips –  Minneapolis Phillips Partnership Down Payment Assistance Program
    o Home must be in specific boundaries of Phillips neighborhood
    o No townhomes or condos
    o Up to $10,000 assistance, interest free
    o Forgiven after 5 years
    o Don’t have to be a first time buyer

  • Sheridan – Homebuyer Assistance Program
    o Up to $5000, deferred interest free loan
    o Forgiven after 6 years
    o Maximum income of $67,200
    o Don’t have to be first time buyer

  • Southeast Como – University District Partnership Alliance  (Up to $10,000) UNAVAILABLE

  • Ventura Village – Ventura Village Homebuyer Program
    o Up to $5000, interest free
    o Forgiven after 5 years
    o Not FHA approved, need conventional financing
    o No income limits

  • Webber-Camden-Refer to Minneapolis Advantage Programs

  • Pohlad Foundation OUT OF FUNDS 
    o Up to $8000
    o Don’t have to be first time buyer
    o Only available in 55411 and 55412 zip codes

    Contact us today.

    Ben Coulter
    612.384.7818
    Ben@UptownFinancial.com

    Minnesota First Time Home Buyer Down Payment Assistance Program

    Serving Mankato, North Mankato, Northfield, Minneapolis, St. Paul, Brainerd, St. Cloud, Rochester, Duluth and all other cities in Minnesota.