The Minneapolis Homes REHAB program takes old, run-down, vacant structures and turns them into livable homes. Their goal is to revitalize Minneapolis by transforming these unlivable buildings into safe and healthy homes for a productive community.
Once these properties have been rehabilitated, they can be put up for sale. REHAB Homebuyer Assistance offers downpayment assistance with a 0% interest loan and no monthly payments. The loan can be used for downpayment and/or closing costs, and must be paid back in full when you move, sell, refinance, or pay off your first mortgage.
REHAB program properties with 1 to 4 units within the city limits of Minneapolis are eligible for downpayment assistance.
- No sale-price limit
- Borrower doesn’t need to be a first-time homebuyer
- Borrower must live in the property as their primary residence
- No income limit
- Some program sources aren’t income restricted, while other sources are restricted to 115% or 80% AMI (Area Median Income)
Instead of trying to find places to build new structures, this program rejuvenates vacant buildings, creating more homes available to more people. Contact us to learn more about this and other programs to bring you closer to buying your home.
