Down Payment Assistance Programs

City of Brooklyn Center

ReNew Buyer Incentive Program Deferred Loan
The ReNew Loan provides a $10,000 no-interest deferred loan to purchase a foreclosed single-family home. The loan is forgiven at the end of five years if the borrower resides in the home as their principal residence during the entire five years. The ReNew loan may be used for down payment, closing costs, or home repairs when used in connection with any prime ‘A’ fixed-rate mortgage. Income limits apply: 1-2 member households $83,900; 3 or more household members $96,485.  Click here for the application.

ReNew Buyer Incentive Program Grant
The ReNew Grant offers a grant of 3.5% of the acquisition cost (purchase price plus rehab costs) up to $7,000 to be used for down payment and closing cost assistance. Buyer must be using a FHA 203k Purchase Rehab loan, or other approved purchase rehab loan. Property must be foreclosed and registered as vacant. Income limits apply: 1-2 member households $83,900; 3 or more household members $96,485.  Click here for the application.

Contact HousingResource Center™ – North at 612 588-3033

City of Crystal

Crystal Homebuyer Assistance
Homebuyers that are purchasing a vacant single-family detached home using an FHA 203k purchase rehab loan can qualify for a forgivable no-interest loan for down payment and closing cost assistance. The maximum loan is 3% of acquisition cost (purchase price plus rehab costs) up to $5,000. Income limits apply: 1-2 member household $83,900; 3 or more household members $96,485.  Click here for the application.

Contact HousingResource Center™ – North at 612 588-3033

City of Minneapolis

Minneapolis Advantage Wells
No interest deferred loan available for households whose income is at or below 100% area median income, purchasing a single-family home in an eligible neighborhood.  The funds can be used to bring the housing ratio (principal, interest, taxes, homeowner’s insurance and mortgage insurance, if any) to 25%.  The maximum loan amount is $5,000.  Click here for the application.

Eligible neighborhoods: Audubon Park, Bancroft, Beltrami, Bottineau, Bryant, Camden Industrial, Central, Cleveland, Columbia Park, Corcoran, East Phillips, Field (limited area, see map), Folwell, Harrison, Hawthorne, Holland, Humboldt Industrial, Jordan, Lind-Bohanon, Logan Park, Lyndale (limited area, see map), Marshall Terrace, McKinley, Midtown Phillips, Near-North, Northeast Park, Phillips West, Powderhorn Park, Regina, Sheridan, Shingle Creek, Standish, Sumner-Glenwood, Ventura Village, Victory, Waite Park, Webber-Camden, Willard-Hay, Windom Park, Victory. Click here for a map of eligible neighborhoods.

Contact HousingResource Center™ – North at 612 588-3033  OR  HousingResource Center™ – South at 612 722-7141

McKinley Homebuyer Assistance Program
Down payment and closing cost assistance for up to $4,000 is available for homebuyers in the McKinley Neighborhood. The loan is forgivable if the buyer occupies the home for at least 5 years. Single-family homes, duplexes, condominiums, and town homes are eligible. No income limits apply.  Click here for the application.

Contact HousingResource Center™ – North at 612 588-3033

Central Homebuyer Assistance Loan
Down payment and closing cost assistance for up to $5,000 for a standard purchase or $10,000 for a vacant home purchase is available for 1 to 2 unit properties in the Central Neighborhood. The property can be owner-occupied or a rental property. Properties must be rehabilitated if required by the City to comply with zoning and code requirements. The loan is 0% interest deferred. The entire amount is forgiven if the borrower continues to own the property for 5 years following the close of the loan. Click here for the application.

Sheridan Homebuyer Assistance
Down payment and closing cost assistance for up to $5,000 is available for households at or below 80% of HUD’s area median income. The home may be 1 to 4 units and must be owner-occupied. The loan is 0% interest deferred. The entire amount is forgiven if the homeowner resides in the property for six years following the close of the loan.  Click here for the application.

Ventura Village Homebuyer Assistance
This program can be used to finance the purchaser’s closing costs, and/or be applied towards the actual purchase price of the property. The property must be located in the Ventura Village neighborhood. The property must be homesteaded and owner-occupied by the applicant. Single-family homes, duplexes, triplexes, condominiums, and townhomes are eligible. Purchasers of a property through a Community Land Trust or purchasers of a co-operative are ineligible. No match is required. The maximum loan amount is $5,000 and the minimum amount is $2,000. There is a 0% interest rate and the loan is forgiven after 5 year if the property remains owner-occupied during the five year period.  Click here for the application.

Contact HousingResource Center™ – South at 612 722-7141

City of Woodbury

Woodbury First-Time Homeownership
First-time home buyers can qualify for a loan up to $25,000 to use for down payment and closing costs on a single-family home, condominium, town home, or twin home with a maximum purchase price of $256,500. Home buyer’s gross annual household income cannot exceed 80% of the Area Median Income, adjusted by household size, as annually determined by the U.S. Department of Housing and Urban Development (HUD).

Woodbury Foreclosure Purchase Program
Home buyers purchasing a property that has been foreclosed or is in a pre-foreclosure status can qualify for a loan up to $25,000 for down payment and closing costs on a single-family home condominium, town home, or twin home with a maximum purchase price of $256,500. Home buyer’s gross annual household income cannot exceed 115% of the Area Median Income, adjusted by family size, as annually determined by HUD, but not greater than $90,000.

Both of the above loans have a 3% fixed interest rate with interest-only monthly payments. The principal will be deferred until the maturation of the first mortgage, the sale of the home, the transfer of title or the property is no longer owner-occupied. From their own funds and/or seller paids, the homebuyer must conbribute 5% of the purchase price plus closing costs.  The first mortgage must be a prime/A-rated fixed rate mortgage loan.

Contact HousingResource Center™ – North & East Metro at (651) 486-7401