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Homeownership Opportunity Minneapolis (HOM)

Administered by:

City of Minneapolis Community Planning & Economic Development
· City · Deferred Loan

Funding status: Active

How much assistance

,000 for buyers at or below 60% AMI; ,000 for buyers between 61-80% AMI

No interest, no monthly payments. 100% repayable at end of first mortgage term, on refinance, when home is no longer the primary residence, on title transfer, or at the end of the 30-year deferment period.

Eligibility

  • Income limits:
    Household income may not exceed 80% of Area Median Income (AMI).
  • First-time buyer required: Yes —
    A first-time homebuyer or a buyer who previously lost a home to foreclosure.
  • Geographic restrictions:
    Property must be a single-family home, townhome, condominium, or duplex within Minneapolis city limits.
  • Homebuyer education required: Yes

How to Apply for Homeownership Opportunity Minneapolis (HOM)

Step 1: Administered by NeighborWorks Home Partners. Borrowers must complete financial wellness counseling and homebuyer education before signing a purchase agreement. Apply via NeighborWorks at 651-292-8710 or hello@nwhomepartners.org.

Notes

HOM is offered as part of the Minneapolis Homes program family. Also marketed as Minneapolis Homes Access Down Payment Assistance.

Cities Where This Program Is Available