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Plymouth Housing and Redevelopment Authority

3400 Plymouth Blvd, Plymouth, MN 55447

Requirements: * 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 Plymouth * Must register and attend all home buyer training sessions prior to closing * Must use only a participating lender for your 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.
https://www.plymouthmn.gov/departments/community-economic-development/housing/first-time-home-buyer

Applicants will be accepted on a first-come, first-serve basis. Application and program guidelines can be found online.

Hennepin County, MN

Description

DESCRIPTION: Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements MORE INFORMATION Offers a zero interest deferred loan up to $35,000 for qualifying first-time homebuyers purchasing a home in Plymouth. Program components include: * Financial assistance can be used for up to 50% of the required down payment, 100% of eligible closing costs up to $7,500, and for the reduction of the mortgage principal. * 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.

Providing organization

Plymouth Housing and Redevelopment Authority