homeownership and wealth building resources

We often hear from Metro HRA residents interested in homeownership, wealth-building, and financial literacy. Though the Metro HRA does not offer this programing, there are an abundance of resources available to potential homebuyers of the region.

Organizations listed below  provide financial education and homeownership resources. This is not an exhaustive information guide.
 

A down payment is the money a homebuyer pays upfront to purchase a home, usually as a percentage of the home's total price. Some programs help homebuyers increase the amount of the purchase price of a home they can provide upfront. These programs include loans, grants, and other aid to reduce the down payment requirement for purchasing a home.

Neighborworks Home Partners
  • Midwest Minnesota Community Development Corporation offers up to ten percent of a home’s purchase price, capped at $32,000.
  • The Welcome Home program will provide down payment and closing cost assistance of up to 30% of a home’s purchase price, capped at $50,000.

Community land trusts are nonprofits that own land on behalf of a community. They promote housing affordability by keeping land available at low costs for low-and moderate-income families. Watch this video for more information on community land trusts.

Two Rivers Community Land Trust
The mission of Two Rivers Community Land Trust is to provide permanently affordable housing for low- and moderate- income individuals, families, and households earning up to 80% median income in Washington County. Learn more about community land trusts.

Homes Within Reach
Homes Within Reach has made a commitment to homeownership by assisting families to become homeowners in suburban Hennepin County communities. Discover your eligibility and fill out an application.

Building credit and reducing debt can help you lower your monthly costs, reduce stress, and increase your eligibility to buy a home. The resources below offer free debt management programs, tax preparation resources, and credit education.

University of Minnesota Extension’s Personal Finance Resources
The University of Minnesota’s Extension program offers personal financial education resources free of charge, including free tax preparation resources, and credit and debt education.

Prepare and Prosper
Prepare and Prosper offers a variety of free programs and services to help you navigate credit and debt, including banking and credit building products and payday loan debt counseling.

IRS Taxpayer Advocate Service
The Taxpayer Advocate Service of IRS provides free assistance for unresolved IRS problems.

FamilyMeans
FamilyMeans’ Debt Management Program is designed to help clients resolve credit problems and repay debts while helping creditors receive money owed to them.
 

Below, future homeowners can educate themselves on the homebuying and financing process. These resources can provide homeownership education courses, pre-purchase counseling, determine mortgage readiness, and post-purchase support. Homebuyer resources listed below are not considered legal advice unless noted within the organization.

Fannie Mae HomeView Homeownership Education Course
The HomeView Homeownership Education Course is a free online comprehensive first-time homebuyer course, available in both English and Spanish.

Neighborworks Home Partners
NeighborWorks offers pre-purchase coaching and homebuyer workshops for prospective homebuyers.

Minnesota Homeownership Center
Minnesota Homeownership Center coordinates the Homeownership Advisor Network, where you can find nonbiased, expert, and free advice on first-time homeownership. Find a schedule of in-person and live virtual homebuyer education workshops.

Twin Cities Habitat for Humanity
Twin Cities Habitat for Humanity has a First-Time Homebuyer video and First-Time Homebuyer Guide, intended to provide information to anyone exploring homeownership.

Community Action Partnership of Hennepin County
Community Action Partnership’s Homebuyer Services include workshops such as Home Stretch, which help determine mortgage readiness and prepare for homeownership and individual Homebuyer counseling.

Freddie Mac
Freddie Mac offers Homebuyer U, which prepares individuals prepare to purchase a home.

Minnesota Attorney General’s Office
The Minnesota Attorney General’s Office Home Buyer’s Handbook is written and published by the Minnesota Attorney General’s Office.

Anoka County Community Action Program
Anoka County’s Community Action Program offers pre-purchase homeownership education in a group setting, 1 to 1 counseling, post purchase support, and foreclosure prevention support.
 

These mortgage products are loans tailored to address issues many homebuyers face: debt, low credit, and the difficulty of saving a large down payment. These organizations can help you purchase a home by offering lower down payment requirements, flexible credit requirements, affordable mortgage interest rates, and reduced closing costs.

Minnesota Housing
Minnesota Housing offers a variety of loan programs for first-time and repeat homebuyers, as well as a refinancing loan program to help make owning a home more affordable.

Twin Cities Habitat for Humanity
Twin Cities Habitat for Humanity’s TruePath Mortgage product is available to low-and-moderate income households across the seven-county metro.
 

The Twin Cities region offers housing and homeownership resources to broad range of cultures and ethnicities. The resources below include housing information and programs to the American Indian, African and African American, Somali, and Islamic communities.

Sakan Community Resources
Sakan Community Resources offers pathways toward homeownership that respects families’ Islamic principles. Sakan has classes and personalized financial coaching and offers down payment assistance programs and 0% interest mortgage opportunities.

American Indian Community Development Corporation
The American Indian Community Development Corporation (AICDC) provides culturally specific programs addressing housing and homelessness in American Indian communities in the Twin Cities.

The Section 184 Indian Home Loan Guarantee Program
The Section 184 Program is a home mortgage product specifically designed for American Indian and Alaska Native families, tribes, or tribally designated housing entities.

Build Wealth MN
Build Wealth MN’s 9000 Equities Fund will provide affordable first mortgages to households with historically underserved communities of color.

ISUROON
Isuroon is a women-led, Somali organization with the goal of providing culturally/Islamically appropriate pathways for Somali women and their families. Isuroon offers a variety of housing services.

African Development Center of Minnesota
The African Development Center (ADC) offers services focused on the African immigrant and refugee community in Minnesota. Their first-time homebuyer workshops are open to everyone.

Mni Sota Fund
Mni Sota Fund is a Certified Native CDFI that offers first time homebuyers workshops, small business entrepreneur services, and an individualized financial wellness curriculum developed by Native experts.
 

Financial education is important in creating a healthy relationship with money, saving, and spending. These resources provide opportunities to learn about managing finances, budgeting, saving, and investing. You can find individualized and confidential counseling, virtual workshops that you can complete on your own time, and group workshops.

FDIC Money Smart
Money Smart financial education program can enhance financial skills and create positive banking relationships. Check out their podcast for on-the-go learning.

Lutheran Social Services (LSS)
Lutheran Social Services’ free and confidential services are available nationwide by phone or virtually.

Prepare and Prosper
Prepare and Prosper offers a variety of free programs and services to help you navigate your financial life, including financial planning, coaching, and counseling.

Neighborhood Development Alliance
Neighborhood Development Alliance (NeDA) empowers communities to create sustainability through financial education and guidance. Una versión en español del sitio web de NeDA se puede encontrar aquí.

Community Action Partnership of Hennepin County
Community Action Partnership offers scheduled Financial Wellness Workshops using the FDIC Money Smart Curriculum.

University of Minnesota Extension’s Personal Finance Resources
The University of Minnesota’s Extension program offers personal financial education resources free of charge, including spending, saving, and retirement and youth and money.

Urban League Twin Cities
Urban League Twin Cities’ Wealth Development programs provide clients with housing and financial counseling services.

Anoka County Community Action Program
Anoka County’s Community Action Program offers confidential financial education.
 

The cities and counties listed below have first time homebuyer information and programs available to those that live in their areas. Click on the link of the city or county where you currently live to explore homeownership options available to you.