Minneapolis Advantage Program
Geographic Service Area:
Targeted Minneapolis Neighborhoods
Income Limit:
Program Details:
Up to $20,000 for closing costs, down payment, or minor repairs
Must be used to purchase a foreclosed home in target neighborhoods
Like many cities across this nation, Minneapolis has experienced foreclosures and the effects of vacant homes in our neighborhoods. The City of Minneapolis created the Minneapolis Advantage Program to help potential buyers purchase a home in areas challenged by foreclosure and bring people back on the blocks. In 2012, the program offers about 25 loans that can be used to pay for closing costs, down payment, or even small repairs to the home.
Funding is limited and income eligibility requirements apply. Loans will be given on a first come, first serve basis and are for purchasing homes in eligible neighborhoods.
For more information
Contact the Greater Metropolitan Housing Corporation or call 612-588-3033.
Homebuyer Stories
Federal Program Provides Relief for Homeowners
“I don’t know anybody that has an extra $400 a month to spare,” said Barb. “By that point, I was paying almost 70 percent of my income for the mortgage. I knew I was in serious trouble.”
[read more]