Jordan Down Payment Assistance Loan
The Jordan Area Community Council has designated City of Minneapolis NRP dollars for purchasing homes in the neighborhood.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts from $1,000 to $4,000.
- 1-4 unit owner-occupied residential properties located in the Jordan Neighborhood.
- Loan approval is subject to credit and program guidelines.
- To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
- 0% APR.
- Income limits dictate term and forgiveness.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Must be considered a first time homebuyer (someone who hasn’t owned a home within the last 3 years).
- Funds may be used for down payment or closing costs.
The current loan terms and conditions stated, including interest rates, 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).