Minneapolis has several programs available to first time home buyers that encompass all neighborhoods within Minneapolis. These programs are covered below. It also has first time home buyer programs specifically for individual Minneapolis neighborhoods.
Bridge to Success Contract for Deed Program
The nonprofit organization based out of the Twin Cities called The Family Housing Fund kicked off fresh program to forge economical housing opportunities. Launched in late 2008, this new initiative is called The Bridge to Success Contract for Deed Program.
This program is meant to help out buyers and sellers who may not qualify for loans otherwise. Available properties can be found in Minneapolis and St Paul.
The Family Housing Fund contributed a $500k loan to the Greater Metropolitan Housing Corporation and Dayton’s Bluff Neighborhood Housing Services.
These organizations are set up to use the pools of funds to market properties to those who might not qualify for typical mortgages.
20% of the purchase price is made up from the resources of the Family Housing Fund — the other 80% is covered by lenders. The pairing eliminates private mortgage insurance from the equation. Homeownership and financial education are key pieces of the program — after three years the buyer will be ready for a mortgage.
- Similar to a line of credit.
- Financed by the seller instead of a private lender.
- Eliminates private mortgage insurance.
- 20% of purchase price covered by Family Housing Fund.
Minneapolis Houses for Heroes
GMHC offers National Guard members and those in the reserves a huge break towards buying a home. Those members deployed in the war on terror and those who have returned from deployment can get as much as $20,000 toward the purchase of a home in Minneapolis. More details can be found on our Military and Heros Program page
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!