City of Moorhead First & New Home Incentive

City of Moorhead First & New Home Incentive is a deferred second loan for homebuyers in Moorhead, Minnesota, administered by City of Moorhead. The City of Moorhead's First & New Home Incentive is a citywide program for first-time homebuyers purchasing newly constructed homes. It provides a $5,000 deferred, 0%-interest loan with no monthly payments, applied to special assessments to reduce upfront ownership costs. No income or purchase price limits; repayable when the owner sells or moves, and not assumable. $5,000 deferred 0% loan. No income or purchase price limits. Reduces special assessment costs. Stacks with MN Housing DPA. Funding comes from City of Moorhead citywide housing program funds.

City of Moorhead First & New Home Incentive offers up to $5,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of Moorhead determines any individual award.

City of Moorhead First & New Home Incentive is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Repayable when the owner sells or moves from the home; not assumable. The assistance is recorded in Subordinate position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Moorhead First & New Home Incentive is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. Residency requirement: Newly constructed home in Moorhead purchased by its first occupant. First-time buyer purchasing a newly constructed Moorhead home as the first occupant; funds applied to special assessments; loan not assumable, repayable on sale or move-out.

City of Moorhead First & New Home Incentive sets its income limit as follows: No income limits and no purchase price limits. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Moorhead First & New Home Incentive caps the purchase price as follows: No purchase price limits. Eligible property types include Single Family. New construction is eligible.

City of Moorhead First & New Home Incentive serves homebuyers purchasing in Moorhead, Minnesota.

Applications for City of Moorhead First & New Home Incentive go through City of Moorhead, which publishes the current terms and the application steps on its own site. Funds are reserved through Available while resources last; application required. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.