The City of Minnetonka offers low-interest loans to assist first-time homebuyers with down payments and closing costs.
- Income and asset limits apply
- Maximum of $15,000, one percent interest rate (APR)
- Home buyer must contribute at least 25 percent of the total down-payment or closing costs
- Principal and interest are deferred (due upon sale, refinance, transfer of title)
- Loan is secured by a mortgage on the applicant’s property
- Closing costs apply
|Household Size||Income Limit|
- Single-family, owner-occupied properties, including town homes and condominiums
- Property must have an estimated market value at or below $330,100
Other eligibility requirements
- Home buyer must complete a Home Stretch Workshop
- Borrower must be a first-time home buyer (has not owned a home within the last three years)
Learn more or apply
To learn more or apply visit the Center for Energy and Environment's website or call 612-335-5884.
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).