For a limited time, Neighborhood Housing Services of Minneapolis is administering NeighborhoodLIFT... a down payment assistance program that provides $15,000 to elgible homebuyers purchasing a home within the city limits of Minneapolis, MN. The funds are given as a 'soft second' mortgage that is forgiven over a five year period.
In order to be eligible for NeighborhoodLIFT assistance, the homebuyer must:
- Be at or below 120% of the Area Median Income for the City of Minneapolis, income limits below by household size
- 1 - $70,500
- 2 - $80,550
- 3 - $90,650
- 4 - $100,700
- 5 - $108,750
- 6 - $116,800
- 7 - $124,850
- 8 - $132,900
- Qualify for and obtain a first mortgage loan from an approved NeighborhoodLIFT lender
- Attend an 8-hour homebuyer education course
- Purchase a home within the city limits of Minneapolis that is not a Wells Fargo REO foreclosure property
- Agree to maintain the home as your primary residence for at least 5 years
- Not own another home at the time of closing on the new home with NeighborhoodLIFT assistance
Want to learn more? There is a free home-buyer event today and tomorrow, September 7-8 at the Minneapolis Convention Center to give people more information. The event will be held from 10 a.m. to 7 p.m.
