Hennepin County Homebuyer Assistance Program
Hennepin County has made funds available to encourage homeownership in the Penn Avenue Corridor.
- Loan amounts to $3,000
- 0% APR (fixed interest rate)
- Household income is not to exceed $102,960* per year, which is 120% of HUD's Area Median Income for the Twin Cities.
- This loan is secured by a mortgage on your property
- Loan term is 5 years – No repayment is due if the property owner remains in the home for 5 years
- The funds must be used for down payment or closing costs for the purchase of a home
- First time homebuyers are required to take an approved HomeStretch course and submit the certificate of completion.
- Download the program guidelines
- Single family, duplex, condominium or townhome (owner occupied)
- Property must be located on Oliver, Penn or Queen Ave N from Highway 394 to 49th Ave N
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).
*Income is based on the Adjusted Gross Income from the most recent tax return