City of Moorhead First & New Home Incentive

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

City of Moorhead First & New Home Incentive is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Contact City of Moorhead to reserve funds

   Funds are reserved through Available while resources last; application required, and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.