Plymouth First-Time Homebuyer Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

Plymouth First-Time Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer training (e.g., via Minnesota Homeownership Center).

2. 2

   Contact Plymouth Housing and Redevelopment Authority (HRA) to reserve funds

   Funds are reserved through First come, first served; contact HRA early in the process, and are subject to availability.

3. 3

   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.