Minneapolis Neighborhood First Time Home Buyer Programs

We have several programs listed below available for specific neighborhoods in Minneapolis.  Please visit our Minneapolis City page for programs applicable to all neighborhoods in Minneapolis!


GMHC – Central Neighborhood Homebuyer Assistance Program

The Greater Metropolitan Housing Corporation is offering assistance towards down payments and closing costs up to $5,000 for a standard purchase, or up to $10,000 for a home that is vacant. The loan is 0% interest deferred. If the borrower owns the property for five years following the close on the loan, the entire amount is completely forgiven.

In order to qualify the homes must be located in the Central Neighborhood of Minneapolis. The potential properties can be a rental property or owner-occupied.

Summary:

  • Property must be located in the Central Neighborhood of Minneapolis.
  • Loan is 0% interest deferred.
  • Loan forgiven five years after homeownership.

GMHC – McKinley Homebuyer Assistance Program

The Greater Housing Corporation is offering up to a $4,000 loan to be put towards a down payment or closing costs for qualified home purchases in the McKinley Neighborhood. Qualified properties can be condos, duplexes, townhomes or single-family homes.

The best feature of this program is that no income limits apply to potential applicants. After the buyer occupies the home for at least five years, the loan is completely forgiven.

Summary:

  • Home must be located in the McKinley Neighborhood of Minneapolis.
  • Up to $4,000 in a loan towards closing costs and down payment assistance.
  • No income limits apply.

GMHC – Sheridan Homebuyer Assistance Program

The Great Metropolitan Housing Corporation is offering closing cost and down payment assistance for potential residents of the Sheridan Neighborhood in Minneapolis. Potential home buyers can qualify for up to $5,000 in assistance — in order to qualify, households need to be at or below 80% of the US Department of Housing and Urban Development’s area median income.

The home must be owner occupied to qualify, and can be 1 to 4 units. The assistance is in the form of a loan that is 0% interest deferred. If the homeowner calls the property their principal homestead for six years after the closing of the loan, the entire amount is forgiven.

Summary:

  • Property must be located in Sheridan Neighborhood of Minneapolis.
  • Up to $5,000 toward down payment and closing cost assistance.
  • Loan is forgiven after six years if owner occupies the home.

GMHC – Ventura Village Homebuyer Assistance Program

The Greater Metropolitan Housing Corporation established this program to help buyers in the Ventura Village Neighborhood better afford the purchase of a property or to assist with closing costs on the property. The maximum loan is $5,000 and the minimum is $2,000 — there is a 0% interest rate on the loan.

The property needs to be owner-occupied in order to qualify for assistance. If the home is owner-occupied for five years after the loan is closed, the loan is completely forgiven. Single family homes, townhomes, condos, and duplexes all qualify for the program.

Summary:

  • Home must be located in the neighborhood of Ventura Village in Minneapolis.
  • Maximum loan is $5,000, minimum is $2,000 — the interest rate is 0%.
  • Home needs to be owner-occupied for at least five years and loan is forgiven.

Buying your first home can be overwhelming. Let us help!  We are committed to finding you any grant monies or assistance programs available to you.  Our buyer agent services are FREE!  Please contact us for more information.  We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!


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