Eden Prairie first time home buyer programs
City of Eden Prairie - First Time Homebuyers Assistance Program
Qualified first-time homebuyers in the Eden Prairie area have the option of zero interest deferred loans up to $25k.
This assistance applies up to 50% of the agreed upon down payment, 100% of closing costs up to $5k and to mortgage principal reduction.
Applicants for this financial assistance are accepted on a first come first served basis. The guidelines for this program and the income requirements are subject to change.
In order to qualify for this financial assistance applicants must be a first-time homebuyer (no home ownership in past three years and not displaced due to divorce).
The home must be located in Eden Prairie. The applicant also much complete a training course for homebuyers before closing on the sale — the Community Action Partnership of Suburban Hennepin offers this course to educate future homeowners about everything involved in the process of buying.
The primary mortgage also needs to be with one of the participating lenders. The applicant’s household income cannot exceed the maximum income limits by household size, based on gross earnings.
Summary:
- Assistance towards 50% down payment, 100% closing costs and up to a $5k mortgage principal reduction.
- No homeownership for at least three years.
- Applicants served on first come first served basis.
- Home must be located in Eden Prairie.
Buying your first home can be overwhelming. Let us help! We are committed to finding you any grant monies or assistance programs available to you. Our buyer agent services are FREE! Please contact us for more information. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!
