The City of Eden Prairie offers a zero-interest, deferred loan up to $10,000 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%), closing costs (up to $5,000) and mortgage principle reduction (up to 10% 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 or Framework before closing.
- Must use a participating lender for the primary mortgage.
- Household income must not exceed $100,000 (income limits may change at any time).
For more information contact Jeanne Karschnia at 952-949-8486.