The City of Eden Prairie offers a zero-interest, deferred loan up to $15,000 for qualifying first-time homebuyers purchasing a home in Eden Prairie.
- Financial assistance can be used for part of the required down payment (up to 50 percent), closing costs (up to $5,000) and mortgage principle reduction (up to 10 percent of the purchase price or $10,000).
- Repayment of the loan is required if the home is sold or no longer homesteaded within the first 30 years of ownership. After 30 years, the loan becomes due and payable.
- Applicants are accepted on a first-come, first-served basis (see application below).
- Program guidelines and income requirements are subject to change.
- Must have a signed purchase agreement before applying.
- Must be a first-time homebuyer — have not owned a home in the last three years or have been displaced due to a divorce.
- Must buy a home in Eden Prairie.
- Must complete a homebuyer training course with Community Action Partnership of Suburban Hennepin prior to closing.
- Must use a participating lender for the primary mortgage.
- Household income must not exceed the maximum income limits by household size. This is based on gross earnings and includes all income received, such as wages, child support, alimony, etc. Income limits are revised yearly.
|FIRST-TIME HOMEBUYER INCOME LIMITS
For more information contact Jeanne Karschnia at 952-949-8486.