Plymouth First-Time Homebuyer Program

Plymouth First-Time Homebuyer Program is a deferred second loan for homebuyers in Plymouth, Minnesota, administered by Plymouth Housing and Redevelopment Authority (HRA). The Plymouth HRA offers a 0% interest deferred loan of up to $35,000 for qualifying first-time homebuyers purchasing in Plymouth. Funds cover up to 50% of required down payment (max $5,000), 100% of eligible closing costs (max $7,500), and principal reduction up to 15% of price (max $30,000). Repayment required if sold or no longer homesteaded within 30 years; after 30 years due and payable. Currently accepting applications. 0% interest. Deferred loan up to $35,000. No payments for up to 30 years. Down payment, closing cost, and principal reduction.

Plymouth First-Time Homebuyer Program offers up to $35,000 in assistance. Award tiers: Up to 50% of required down payment (max $5,000); up to 100% eligible closing costs (max $7,500); principal reduction up to 15% of price (max $30,000); total max $35,000. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Plymouth Housing and Redevelopment Authority (HRA) determines any individual award.

Plymouth First-Time Homebuyer Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Repayment required if sold or no longer homesteaded within first 30 years; after 30 years due and payable. The assistance is recorded in Second mortgage position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Plymouth First-Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Those displaced due to divorce eligible even if they owned a home in the prior three years. A homebuyer education course is required, through HUD-approved homebuyer training (e.g., via Minnesota Homeownership Center). Residency requirement: Home within Plymouth city limits. Must use a participating lender from Minnesota Housing's directory. Divorce-displaced applicants may still qualify. Verified accepting applications June 2026.

Plymouth First-Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size. At/below 80% AMI adjusted by household size per HUD; revised yearly. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Plymouth First-Time Homebuyer Program can be used for Single Family.

Plymouth First-Time Homebuyer Program serves homebuyers purchasing in Plymouth, Minnesota.

Applications for Plymouth First-Time Homebuyer Program go through Plymouth Housing and Redevelopment Authority (HRA), which publishes the current terms and the application steps on its own site. Funds are reserved through First come, first served; contact HRA early in the process. 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.