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Entry Cost Assistance
Program Geographic Service Area Income Limit Program Details
City of Lakes Community Land Trust – Homebuyer Initiated Program (HIP)
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Minneapolis Up to 80% of Area Median Income
• Selected buyers purchase homes currently on the market
• Up to $60,000 for home purchase
• Up to $25,000 for rehab
Hennepin County Home Buyer Assistance
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Specific census tracts located within: Brooklyn Park, Brooklyn Center, Champlin, Maple Grove and Rogers/Hassen Township Up to 120% of Area Median Income
• The incentive assistance for households 81% to 120% of the AMI is $10,000.
• The assistance will be in the form of a forgivable, deferred (no monthly payments), 0% interest loan with a term of five or ten years depending upon how much assistance is recieved.
• Eligible Properties are single family housing (detached, townhomes, condos) to be occupied as a principal place of residence located within an eligible census tract.
• Property must be vacant and foreclosed (lender owned).
• Purchase price at or below $276,683 (120% AMI households).
• Primary financing must be a prime, fixed rate first mortgage loan.
Hennepin County Home Buyer Assistance
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Target areas are specific census tracts located within the cities: Brooklyn Park, Brooklyn Center, Champlin, Maple Grove, and Rogers/Hassen Township. Up to 80% of Area Median Income
• Households at or below 80% AMI may qualify for affordability assistance up to $20,000.
• The assistance will be in the form of a forgivable, deferred (no monthly payments), 0% interest loan with a term of five or ten years depending upon how much assistance is recieved.
• Eligible Properties are single family housing (detached, townhomes, condos) to be occupied as a principal place of residence located within an eligable census tract.
• Property must be vacant and foreclosed (lender owned).
• Purchase price at or below $200,000 (80%AMI households).
• Primary financing must be a prime, fixed rate first mortgage loan.
Rondo CLT - HIP/HOP
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St. Paul Up to 80% of Area Median Income
• Available for families with children that are currently living in public housing or that have a Section 8 voucher
• Up to $70,000 available in loans and grants
Rondo CLT – Homebuyer Initiated Program (HIP)
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St. Paul, Ramsey County Up to 80% of Area Median Income
• Selected buyers purchase homes currently on the market
• Up to $25,000 for home purchase
• Up to $25,000 for rehab
Downpayment & Closing Cost Assistance
Program Geographic Service Area Income Limit Program Details
Minneapolis Advantage Program
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Targeted Minneapolis Neighborhoods Up to 120% of Area Median Income
• Up to $20,000 for closing costs, down payment, or minor repairs
• Must be used to purchase a foreclosed home in target neighborhoods
Minnesota Housing Deferred Payment Loan
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Twin Cities metro area
• Up to $4,500 available
• Purchase price and income limits apply
Minnesota Housing HOME HELP
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Minnesota Up to 80% of Area Median Income
• Loan amounts of $5,000 to $10,000
• Purchase price and income limits apply
Minnesota Housing Monthly Payment Loan
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Twin Cities metro area
• Loan for up to 5% of the purchase Price
• Purchase price and income limits apply
Contract for Deed Programs
Program Geographic Service Area Income Limit Program Details
Bridge to Success Contract for Deed Program
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• Contract for Deed Program
MCASA
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St. Paul, targeted areas Up to 80% of Area Median Income
• Available on specific homes rehabbed through MCASA
• Contract for Deed or Lease to Purchase Program
• Must be a first time home buyer
PROJECT: Reclaim
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Minneapolis
• Available on specific homes rehabbed by Urban Homeworks
• Contract for Deed Program
• Must be a first time home buyer
Homebuyer Financing
Program Geographic Service Area Income Limit Program Details
ADC Financial Services
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Minnesota
• New home purchases and refinancing
• Conventional and alternative terms, including Murabaha
CityLiving Program
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Minneapolis and St. Paul
• Available for first-time homebuyers
• Purchase price and income limits apply
Home Ownership Made Easy (HOME)
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Minneapolis Up to 50% of Area Median Income
• Available to resident families in MPHA public housing and Section 8 voucher programs
Minnesota Housing Start Up Program
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Twin Cities metro area
• Available for first-time homebuyers
• Purchase price and income limits apply
Minnesota Housing Step Up Program
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Twin Cities metro area
• Available for non-first-time homebuyers
• Purchase or re-finance
• Purchase price and income limits apply
Sustainable Home Ownership Program (SHOP)
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• Ethically priced mortgage services to underserved people
Twin Cities Habitat for Humanity Homeownership
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Twin Cities Metro Area Up to 50% of Area Median Income
• Selected families must complete 300-500 hours of sweat equity
• Must attend TCHFH’s homeownership training program
Homebuyer Incentive Programs
Program Geographic Service Area Income Limit Program Details
Minnesota Housing Mortgage Credit Certificate (MCC) Program
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Twin Cities metro area
• Tax Credit of up to $2,000/year
• Available for first-time homebuyers
• Purchase price and income limits apply
Woodbury First-Time Home Ownership Program
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City of Woodbury Up to 80% of Area Median Income
• Deferred loans of up to $25,000 at 3% interest are available
• Down Payment of 5% required
Woodbury Foreclosure Purchase Program
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City of Woodbury Up to 115% of Area Median Income
• Loan interest, deferred loans of up to $25,000
• Purchase price of the home may not exceed $256,500
• Single family detached homes, townhomes, or condo units are all eligible