Minneapolis DPA Program

What is Minneapolis DPA Program?

Minneapolis DPA Program is a forgivable loan for homebuyers in Minneapolis, Minnesota.

• City of Minneapolis forgivable loan program providing up to $20,000 in down payment assistance to eligible homebuyers purchasing within Minneapolis city limits. Loan is forgiven over 10 years with no monthly payments required.
• Up to $20,000 in forgivable down payment assistance for homebuyers purchasing within Minneapolis city limits.
• loan forgiven over 10 years with no monthly payments.
• 0% interest.
• must be used with FHA or Conventional first mortgage.
• Funding comes from Local Government.

How much assistance does it provide?

Minneapolis DPA Program offers up to $20,000 in assistance.

• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Minneapolis DPA Program is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, and No Longer Primary.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Minneapolis DPA Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Minneapolis DPA Program limits household income to 80% of the area median income, which varies by county and household size.

• 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?

Minneapolis DPA Program caps the purchase price at $400,000.

• Eligible property types include Single Family, Condo, and Townhouse.

Where does it apply?

Minneapolis DPA Program serves buyers purchasing in Minneapolis, Minnesota.

How do you apply?

Applications for Minneapolis DPA Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, 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.