Plymouth Housing and Redevelopment Authority
Home Ownership Assistance
3400 Plymouth Blvd, Plymouth, MN, 55447
(763) 509-5410
housing@plymouthmn.gov
https://www.plymouthmn.gov/departments/community-economic-development/housing/first-time-home-buyer
Service Details
Description
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Additional Information
Offers a zero-interest deferred loan for qualifying first time home buyers 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.
Features
-
Area Served by County
- Hennepin County
-
Specialization
- Family
- People with low income
Eligibility
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.
Application Instructions
Applicants will be accepted on a first-come, first-serve basis. Application and program guidelines can be found online.
Area Served
City of Plymouth
Websites
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| Main | (763) 509-5410 |
Last Update
6/25/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
-
BH-3500.3400-250First Time Buyer Home Loans Definition
Programs that provide low interest down payment/closing costs loans and/or home purchase loans for people with low incomes who are purchasing a home or a condominium for the first time. These loan programs generally require that the property be used as a primary residence; allow lower down payments, assistance with closing costs and alternative credit; and often require participation in home buyer training classes.
-
YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.
-
YL-3300.6500Poverty Level Definition
People whose annual income is within the federal poverty level guidelines which vary according to family size and are revised annually.
-
YM-2900.2000First Time Homeowners Definition
People who have purchased or are in the process of purchasing a home or condominium for the first time.