Homebuyer Incentive Programs
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
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City of Lakes Community Land Trust – Homebuyer Initiated Program (HIP) more details > |
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 |
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Hennepin County Home Buyer Assistance more details > |
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. |
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Hennepin County Home Buyer Assistance more details > |
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. |
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Make it Possible Program more details > |
St. Paul | Up to 115% of Area Median Income |
• Second mortgage program • Loans range from $3,000 to $45,000 • Entry cost and/or closing cost assistance, equity contribution or rehabilitation |
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Rondo CLT - HIP/HOP more details > |
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) more details > |
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 |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
Minneapolis Advantage Program more details > |
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 |
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Minnesota Housing HOME HELP more details > |
Minnesota | Up to 80% of Area Median Income |
• Loan amounts of $5,000 to $10,000 |
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Minnesota Housing Homeowner Assistance Fund more details > |
Up to 60% of Area Median Income |
• Up to $5,000 available |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
Bridge to Success Contract for Deed Program more details > |
• Contract for Deed Program |
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MCASA more details > |
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 |
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PROJECT: Reclaim more details > |
Minneapolis |
• Available on specific homes rehabbed by Urban Homeworks • Contract for Deed Program • Must be a first time home buyer |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
ADC Financial Services more details > |
Minnesota |
• New home purchases and refinancing • Conventional and alternative terms, including Murabaha |
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CityLiving Program more details > |
Minneapolis and St. Paul |
• Available for first-time homebuyers • Purchase price and income limits apply |
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Home Ownership Made Easy (HOME) more details > |
Minneapolis | Up to 50% of Area Median Income |
• Available to resident families in MPHA public housing and Section 8 voucher programs |
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Minnesota Housing CASA Program more details > |
Twin Cities Metro and select areas in Greater Minnesota |
• Available for first-time homebuyers (or those who have not owned a home in the last 3 years) • Purchase price and income limits apply |
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Minnesota Housing Urban Indian Housing Program more details > |
Twin Cities Metro Area, Bemidji, and Duluth |
• Available to American Indian families purchasing their first homes • Purchase price and income limits apply |
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Minnesota Mortgage Program more details > |
Minnesota |
• Available for first-time homebuyers (or those who have not owned a home in the last 3 years) • Purchase price and income limits apply |
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Sustainable Home Ownership Program (SHOP) more details > |
• Ethically priced mortgage services to underserved people |
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Twin Cities Habitat for Humanity Homeownership more details > |
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 |
| Program | Geographic Service Area | Income Limit | Program Details |
|---|---|---|---|
|
Woodbury First-Time Home Ownership Program more details > |
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 |
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Woodbury Foreclosure Purchase Program more details > |
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 |
Homebuyer Stories
Help for Planting Roots
Discovering the City of Lakes Community Land Trust (CLCLT) Homebuyer Initiated Program (HIP) made ownership reachable for first-time homebuyer Laura Martinez and her children, David and Rebecca. She found a home in the Fulton neighborhood, where prices are traditionally very high.
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