Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance

What is Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance is a deferred second loan for homebuyers in Minneapolis, Minnesota, administered by City of Minneapolis (CPED), administered with NeighborWorks Home Partners.

• Homeownership Opportunity Minneapolis (HOM) provides down payment assistance of up to $10,000 or up to $20,000 as a 0% interest, due-on-sale deferred loan (no monthly payments, repaid after 30 years or when sold) to homebuyers purchasing in Minneapolis who complete financial coaching. Administered by NeighborWorks Home Partners with the City of Minneapolis.
• Up to $10,000-$20,000.
• 0% interest.
• No monthly payments.
• Due on sale or after 30 years.
• Open to repeat buyers.
• Funding comes from City of Minneapolis.

How much assistance does it provide?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance offers up to $20,000 in assistance.

• Award tiers: Income-based tiers; program page states up to $10,000 or up to $20,000 (older highlights describe $5,000/$10,000 income bands).
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — City of Minneapolis (CPED), administered with NeighborWorks Home Partners determines any individual award.

Do you have to pay it back?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Due on sale; repaid after 30 years or when the home is sold (no monthly payments).
• The assistance is recorded in Subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance sets its income limit as follows: Income below ~$108,500 (tiered).

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance can be used for Single Family, 2-4 Unit, Townhouse, and Condo.

Where does it apply?

Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance serves buyers purchasing in Minneapolis, Minnesota.

How do you apply?

Applications for Homeownership Opportunity Minneapolis (HOM) Down Payment Assistance go through City of Minneapolis (CPED), administered with NeighborWorks Home Partners, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through NeighborWorks Home Partners Home Stretch workshops; approved financial wellness/coaching before purchase agreement..

2. 2

   Contact City of Minneapolis (CPED), administered with NeighborWorks Home Partners to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.