The Minneapolis Advantage program is a downpayment and closing cost assistance program a maximum of $10,000 to help rebuild the housing market in key neighborhoods that have experienced high levels of mortgage foreclosures.  You do NOT have to be a 1st time home buyer.

Eligible Neighborhoods Jordan, Central, Sumner-Glenwood, Near North, Holland, Harrison, Cleveland, Beltrami, Folwell, Webber-Camden, Shingle Creek, Phillips West, Lind-Bohanon, Bryant, Powerderhorn Park, Corcoran, McKinley, Hawthorne, East Phillips, Willard-Hay, Bottineau, Midtown Phillips, Ventura Village

Map http://www.ci.minneapolis.mn.us/cped/docs/Mpls_Advantage_Local_FHLB_map.pdf

The Minneapolis Advantage loan is offered at zero percent interest, it has no monthly payments, and it is forgiven at the end of five years at the rate of 1/60th of the loan per month assuming you continue to occupy the home as your permanent and primary place of residence.

Maximum Household income at or below 120% of MSP AMI $97,080 for a family of 4

The program is divided up into two parts:

The first part is finance with funds received from the Federal Home Loan Bank (“FHLB”) and it has a maximum income limit of 80% of the area median family of 4 $67,200. The property must be single family detached home or duplex that is in foreclosed status, or was a foreclosed property which has been purchased by a non-profit for the purpose of selling it to an owner occupant.

The second part is funded by local funds (“Local”) and it has a limit of 120% of the area median $100,680.  The property must meet the above conditions OR it must be on the City’s vacant and boarded list or the home must have been in a vacant status at least 30 days prior to signing the purchase contract.

To see a list of vacant homes http://www.ci.minneapolis.mn.us/Inspections/docs/ch249online.pdf

You do NOT have to be a 1st time home buyer!!!

 

Click here for program guidelines

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