Minneapolis Neighborhood First Time Home Buyer Programs
We have several programs listed below available for specific neighborhoods in Minneapolis. Please visit our Minneapolis City page for programs applicable to all neighborhoods in Minneapolis!
GMHC - Central Neighborhood Homebuyer Assistance Program
The Greater Metropolitan Housing Corporation is offering assistance towards down payments and closing costs up to $5,000 for a standard purchase, or up to $10,000 for a home that is vacant. The loan is 0% interest deferred. If the borrower owns the property for five years following the close on the loan, the entire amount is completely forgiven.
In order to qualify the homes must be located in the Central Neighborhood of Minneapolis. The potential properties can be a rental property or owner-occupied.
Summary:
- Property must be located in the Central Neighborhood of Minneapolis.
- Loan is 0% interest deferred.
- Loan forgiven five years after homeownership.
GMHC - McKinley Homebuyer Assistance Program
The Greater Housing Corporation is offering up to a $4,000 loan to be put towards a down payment or closing costs for qualified home purchases in the McKinley Neighborhood. Qualified properties can be condos, duplexes, townhomes or single-family homes.
The best feature of this program is that no income limits apply to potential applicants. After the buyer occupies the home for at least five years, the loan is completely forgiven.
Summary:
- Home must be located in the McKinley Neighborhood of Minneapolis.
- Up to $4,000 in a loan towards closing costs and down payment assistance.
- No income limits apply.
GMHC - Sheridan Homebuyer Assistance Program
The Great Metropolitan Housing Corporation is offering closing cost and down payment assistance for potential residents of the Sheridan Neighborhood in Minneapolis. Potential home buyers can qualify for up to $5,000 in assistance — in order to qualify, households need to be at or below 80% of the US Department of Housing and Urban Development’s area median income.
The home must be owner occupied to qualify, and can be 1 to 4 units. The assistance is in the form of a loan that is 0% interest deferred. If the homeowner calls the property their principal homestead for six years after the closing of the loan, the entire amount is forgiven.
Summary:
- Property must be located in Sheridan Neighborhood of Minneapolis.
- Up to $5,000 toward down payment and closing cost assistance.
- Loan is forgiven after six years if owner occupies the home.
GMHC - Ventura VIllage Homebuyer Assistance Program
The Greater Metropolitan Housing Corporation established this program to help buyers in the Ventura Village Neighborhood better afford the purchase of a property or to assist with closing costs on the property. The maximum loan is $5,000 and the minimum is $2,000 — there is a 0% interest rate on the loan.
The property needs to be owner-occupied in order to qualify for assistance. If the home is owner-occupied for five years after the loan is closed, the loan is completely forgiven. Single family homes, townhomes, condos, and duplexes all qualify for the program.
Summary:
- Home must be located in the neighborhood of Ventura Village in Minneapolis.
- Maximum loan is $5,000, minimum is $2,000 — the interest rate is 0%.
- Home needs to be owner-occupied for at least five years and loan is forgiven.
Buying your first home can be overwhelming. Let us help! We are committed to finding you any grant monies or assistance programs available to you. Our buyer agent services are FREE! Please contact us for more information. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!
Find Out What Mortgages You Might Qualify For
Minneapolis Advantage (no longer available)
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 (no longer available)
The following programs also offer monetary assistance to first time home buyers:
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Cedar-Riverside - Homebuyer's Assistance Loan and Grant Program ($2,000 to $15,000 at 0% interest) UNAVAILABLE
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Cedar-Riverside - University District Partnership Alliance (Up to $10,000) UNAVAILABLE
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Folwell - Refer to Minneapolis Advantage Program
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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
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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
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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
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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
