An Abundance of Homeownership Resources Available to Northside Residents of Minneapolis

Spring is widely considered to be the best time to buy a house due to the availability of more listings as well as favorable weather conditions. These factors create renewed interest in home listings which may have laid dormant during the winter months. If this is your season to buy a home, there are many resources in North Minneapolis to help you realize your dream! 

 If a lack of money for a down payment is a reason you have failed to pursue homeownership, fear not. Several down payment assistance programs are available to purchase homes in North Minneapolis as well as surrounding communities. 

 Build Wealth of Minnesota and NeighborWorks Home Partners are just a couple of community-based non-profit organizations that offer several down payment assistance programs through different funding sources. These programs, which provide most of the required down payment, contribute as much as $5,000, $10,000, or $20,000 in loan assistance to purchase a single-family home and up to $40,000 in loan assistance for buying a two-to-four-unit property. Homeownership Opportunity Minneapolis (HOM), Community Keys, and Metro Home Down Payment Assistance are names of some of the down payment assistance programs available to Northside residents and administered by the aforementioned non-profits.   

 In addition, the Minnesota Housing Finance Authority, a governmental agency, provides up to $17,000 to first-time homebuyers via their “Start-up” program, and to repeat homebuyers or current homeowners via their “Step-up” program. These mortgage loan programs are accessed through their network of participating lenders. 

 Neighborhood associations such as Northside Residents’ Redevelopment Council (NRRC) and Hawthorne Neighborhood Council also offer homebuyers who are eligible, up to $10,000 in down payment assistance. 

The high cost of houses is also a common impediment to homeownership. 

 While it is true that there is a lack of affordable housing, several organizations in North Minneapolis are doing their best to offer affordable housing to residents who want to purchase in Minneapolis. Affordable housing can be defined as housing offered to certain income groups, such as those meeting 50%, 80%, or $115% of average median income (AMI). Down payment assistance comes with these homes to provide for the down payment and a significant portion of the closing costs. Affordable housing developers include Build Wealth, City of Lakes Community Land Trust, PRG, Twin Cities Habitat for Humanity, Urban HomeWorks, and Northside Home, just to name a few.  

 No matter where you are in your financial journey, homeownership is a significant decision that requires careful planning and preparation. It involves finding the right home and understanding the financial and legal aspects of owning a property. Homeownership education and counseling are recommended to new or first-time homebuyers. They are available from Build Wealth of Minnesota, the Minneapolis Urban League, and NeighborWorks Home Partners, each with offices in North Minneapolis.

 For more information on down payment programs and affordable housing, visit www.thedownpaymentguy.com   Feel free to reach out and be sure to sign up for our quarterly newsletter.