Central: Deferred Down-Payment / Purchase Program
The Central Neighborhood has made resources available to help residents purchase properties in the Central Neighborhood. Other sources of funds, such as MHFA and CEE loans, may be used to supplement this program. Please call us at 612-335-5884 for complete details.
To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
- Maximum loan of $5,000 or up to $10,000 for vacant properties.
- 0% deferred.
- Closing costs apply.
- 10 year term, after 10 years the loan is 100% forgiven.
- Borrower(s) purchasing the home to occupy must register and complete pre-purchase Homebuyer Education Program prior to closing.
- Income limits apply.
- 1-4 unit owner-occupied residential properties located in the Central Neighborhood.
- Vacant properties are eligible. Vacant property is defined as a property on Minneapolis' vacant/boarded structures, condemned or foreclosed and no longer occupied.
- Individual condo and townhome owners and properties held in a trust are eligible.
The current terms and conditions stated, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).