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Eden Prairie First-Time Home Buyer Programs
Eden Prairie First-Time Home Buyer Programs
Once a quiet farming community, today Eden Prairie is a bedroom community for Minneapolis and St. Paul, the Twin Cities that dominate Minnesota's culture and commerce.Eden Prairie provides an ideal environment for living well. In addition to attractive residential neighborhoods and affordable housing options, the City boasts nearly 10,000 acres of land designated for parks and open spaces, miles of scenic views and a multitude of breathtaking lakes and beaches.
City of Eden Prairie First-Time Home Buyers Assistance Program
City of Eden Prairie First-Time Home Buyers Assistance Program
The City of Eden Prairie offers a zero-interest, deferred loan up to $25,000 for qualifying first-time home buyers purchasing a home in Eden Prairie.
- Financial assistance can be used for up to 50% of the required down payment, 100% of allowable closing costs up to $5,000 and for reduction of the mortgage principle.
- 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-serve basis.
- Program guidelines and income requirements are subject to change.
Eligibility Criteria:
- Must be a first-time home buyer — 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 home buyer 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.
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