Buying in Minneapolis? $15,000 Down Payment Assistance Funds Available

By Homesmsp @HomesMSP

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.