Minneapolis: Webber-Camden Down Payment Assistance Loan

What is Minneapolis: Webber-Camden Down Payment Assistance Loan?

Minneapolis: Webber-Camden Down Payment Assistance Loan is a forgivable loan for homebuyers in Minneapolis, Minnesota, administered by Center for Energy and Environment (CEE), on behalf of the City of Minneapolis.

• A neighborhood-specific down payment and closing cost assistance program for buyers purchasing a 1-4 unit owner-occupied property within the Webber-Camden neighborhood of Minneapolis. Administered by CEE using City of Minneapolis NRP funds, it provides a 0% APR deferred loan of up to $6,000 with a 5-year term. Forgiven after 5 years; 100% of principal due if the borrower sells, transfers title, ceases owner-occupancy, or refinances before the 5-year anniversary. No income limits.
• 0% APR.
• Up to $6,000.
• 5-year forgivable deferred loan (no payments).
• No income limits.
• Funding comes from Webber-Camden Neighborhood Revitalization Program (NRP) funds via the City of Minneapolis.

How much assistance does it provide?

Minneapolis: Webber-Camden Down Payment Assistance Loan offers up to $6,000 in assistance.

• The program can be combined with First mortgage (operates as DP/closing cost assistance behind a first mortgage).
• Amounts are the program's published maximums, not an offer — Center for Energy and Environment (CEE), on behalf of the City of Minneapolis determines any individual award.

Do you have to pay it back?

Minneapolis: Webber-Camden Down Payment Assistance Loan is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 100% of original principal due if borrower sells, transfers title, the home is no longer the primary residence, or upon refinance prior to the 5-year anniversary. 100% forgiven after 5 years.
• The assistance is recorded in Second mortgage (mortgage in name of City of Minneapolis) 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: Webber-Camden Down Payment Assistance Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

Minneapolis: Webber-Camden Down Payment Assistance Loan sets its income limit as follows: No income limits.

• 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: Webber-Camden Down Payment Assistance Loan caps the purchase price as follows: Not specified; loan amount/approval determined based on the first-mortgage approval.

• Eligible property types include Single Family, 2-4 Unit, Condo, and Townhouse.
• Manufactured homes are not eligible.

Where does it apply?

Minneapolis: Webber-Camden Down Payment Assistance Loan serves buyers purchasing in Minneapolis, Minnesota.

• The program targets specific areas: Limited to properties within the Webber-Camden neighborhood of Minneapolis (a Neighborhood Revitalization Program area).
• Targeted neighborhoods: Webber-Camden neighborhood, Minneapolis.

How do you apply?

Applications for Minneapolis: Webber-Camden Down Payment Assistance Loan go through Center for Energy and Environment (CEE), on behalf of the City of Minneapolis, 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 HUD-approved Homebuyer Course (all borrowers must attend)..

2. 2

   Contact Center for Energy and Environment (CEE), on behalf of the City of Minneapolis to reserve funds

   Funds are reserved through Application via CEE at least 4 weeks (28 days) before closing with signed purchase agreement; Conditional Commitment within 10 business days., 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.