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

Eligibility Criteria

• 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 the current HUD income limit - income limits may change at any time

For more information contact Jeanne Karschnia at 952-949-8486.

Related Information

First-time Homebuyer Guidelines [PDF]

First-time Homebuyer Application [PDF]

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