News items produced by the City of Eden Prairie Communications Division are intended for members of the news media and the community at large.
Zero-Interest Loans Available to Qualifying First-Time Homebuyers
Post Date:October 25, 2019
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The City of Eden Prairie offers a zero-interest, deferred loan up to $10,000 for qualifying first-time home buyers 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.