Guidelines for Minneapolis Advantage Direct Assistance-NSP
The Minneapolis Advantage NSP provides assistance to help lower income homebuyers to purchase homes that are renovated as part of the Neighborhood Stabilization Program (NSP).
The loan terms for the NSP program are as follows: The NSP assistance is a zero percent interest. There is a maximum of $20,000 per household and borrowers will receive enough assistance to bring the housing ratio (principle, interest, taxes and insurance, if any) to 29%. The funds may be used for down-payment and closing costs. Buyer(s) must obtain an acceptable housing ratio of 29% or they will not qualify for this loan. The recapture period is ten years and after the tenth year, this loan is forgiven.
NSP Advantage Program-Wells
Wells provides an additional $5,000 in assistance to help lower income homebuyers to purchase homes that are renovated as part of the NSP program. This loan carries a 1% simple interest and is due on sale, title transfer or when the original purchaser no longer maintains the property as a primary residence.
THERE IS AN ADDITIONAL $25,000 IN MHFA/CRV GAP FINANCING FOR BUYERS WHO EARN LESS THAN 50% AMI.