Jordan Down Payment Assistance Loan
The Jordan Area Community Council has designated City of Minneapolis NRP dollars for purchasing homes in the neighborhood.
NOTICE: To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least FOUR WEEKS prior to closing.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
Hablamos Español: 612-335-5856
About the Loan
- 0% APR.
- No monthly payments.
- No income limits.
- Loan amounts from $1,000 to $4,000.
Property Eligibility
- 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.
Loan Details
- 0% APR.
- If the borrower sells, transfers title or if the home is no longer the primary residence prior to the 10-year anniversary date, the entire original principal balance is due and payable. The loan may also become due and payable upon refinance. After 10-years the loan is 100% forgiven.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- 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).
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