The Welcome to Minnetonka program provides down-payment and closing cost assistance to borrowers who have not owned a home over the past three years.
Loan terms
- Income and asset limits apply
- 10% of the purchase price with a maximum of $50,000
- 0 percent interest rate (APR)
- The homebuyer(s) must contribute at least 1% of the total purchase price of the borrower’s own funds or gift funds.
- 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
Income limits
| Household Size |
Income Limit |
| 1 |
$111,250
|
| 2 |
$127,200
|
| 3 |
$143,050
|
| 4 |
$158,900
|
| 5 |
$171,600
|
| 6 |
$184,300
|
| 7 |
$197,050
|
| 8+ |
$209,750
|
Eligible properties
- Single-family, owner-occupied properties, including town homes and condominiums
- Property must have an estimated market value at or below $500,000.
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)
How to 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).
