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- May 12, 2025
Do you want $30K in down payment assistance ????
E360 Mortgage empowered by NEXA is beyond excited to announce an incredible opportunity from the HRA (Housing Redevelopment Authority) for first-time homebuyers in Hennepin County!
If you’ve been dreaming of owning a home but feel held back by upfront costs—this is the chance you’ve been waiting for.
The Hennepin County Homebuyer Assistance Program is now offering up to $30,000 in forgivable, zero-interest loans to help with:
Down payment (up to 50%) Closing costs Principal reduction
But here’s the big thing:
These funds are LIMITED and available on a FIRST COME, FIRST SERVED basis—when they’re gone, they’re gone!
✅ Are You Eligible? Let’s See!
To qualify, you must:
- Be a first-time homebuyer (no property ownership in the past 3 years)
- Intend to live in the home as your primary residence
- Have a gross household income at or below 80% of HUD Area Median Income (AMI) for the Minneapolis–St. Paul metro area
- Have a signed purchase agreement when applying
- Use an Individual Taxpayer Identification Number (ITIN)? You’re eligible too!
- Keep your housing ratio (PITI) between 20–35%
- Keep your total debt-to-income (DTI) ratio under 50%
- Contribute at least $1,000 of your own funds toward the purchase
- Must qualify for a 30-year fixed-rate mortgage from a participating lender (no co-signers allowed)
- Strongly recommended: Purchase an owner’s title insurance policy
Education Requirements
Before you can apply, you must complete both of the following (no exceptions):
- Home Stretch Group Education Class (in-person only, valid for 1 year)
- 1:1 Pre-Purchase Advising Session (within 1 year of purchase)
👉 You can find both classes and advisors via the Minnesota Homeownership Center (HOC) or Northwest Housing Partnership (NWHP).
Loan Amounts & Forgiveness Terms
| Income Level (AMI) | Loan Amount | Forgiveness Term |
|---|---|---|
| ≤ 60% of AMI | Up to $30,000 | 15-year term |
| 61–80% of AMI | Up to $20,000 | 10-year term |
| Family Income Level | Affordable Home Price |
|---|---|
| 80% AMI ($104,200) | $306,500 |
| 60% AMI ($79,440) | $225,300 |
| 50% AMI ($66,200) | $183,700 |
| 30% AMI ($39,700) | $98,000 |
Important Notes:
- 0% interest
- No monthly payments
- Fully forgiven as long as:
- You don’t sell, refinance, transfer, or convert the property
- You continue to live in the home for the entire term
Eligible Properties
You can use this program to buy:
- Single-family homes
- Townhomes
- Condominiums
- Manufactured homes (must include land and be on a permanent foundation)
- Cooperatives (recognized form of ownership)
The property must:
- Be in Hennepin County, but NOT in:
Minneapolis, Eden Prairie, Bloomington, Plymouth, Brooklyn Park, Richfield, Minnetonka, Edina, St. Louis Park, or Maple Grove - Accepted cities: Brooklyn Center, Champlin, Chanhassen (partially in Carver County), Corcoran, Crystal, Dayton, Deephaven, Excelsior, Golden Valley, Greenfield, Greenwood, Hanover (partially in Wright County), Hopkins, Independence, Long Lake, Loretto, Maple Plain, Medina, Minnetrista, Mound, New Hope, Orono, Osseo, Robbinsdale, Rockford (partially in Wright County), Rogers, Shorewood, Spring Park, St. Anthony (partially in Ramsey County), Tonka Bay, Wayzata, and Woodland.
- Be valued under the 2025 FHA limit: $525,225
- Have ownership in fee simple title, a 99-year leasehold (e.g., community land trust), or cooperative interest
Ineligible Properties
- Homes in a 100-year floodplain
- Manufactured homes without a foundation or land ownership
- Seasonal or recreational properties
- Homes in excluded cities or above FHA loan limit
Mortgage & Lender Guidelines
- Must obtain a 30-year fixed-rate loan
- Acceptable loan types: FHA, VA, Fannie Mae, Freddie Mac, Conventional
- Not allowed: Subprime, interest-only, ARMs, or balloon loans
- You can work with any lender who agrees to follow the program’s rules (and yes—I’m one of them)
Let’s Get You Approved Before Funds Run Out!
This is a life-changing opportunity—but it won’t last. These funds are available only while supplies last, and demand is already high.
As your dedicated mortgage expert, I’ll walk you through:
- Your eligibility
- Matching with the right lender and loan type
- Completing required education
- Submitting a strong, complete application
Ready to get started? Don’t delay—reach out today to reserve your place and secure your future home.
Edwina Crump Zackpah- NMLS# 2648582
Sr. Mortgage Advisor | e360 Mortgage powered by NEXA
470-404-5200 | [email protected] | www.e360Mortgage.com