Richfield First Time Homebuyer Loan

What is Richfield First Time Homebuyer Loan?

Richfield First Time Homebuyer Loan is a forgivable loan for homebuyers in Richfield, Minnesota, administered by City of Richfield (Housing & Redevelopment Authority).

• The City of Richfield offers first-time homebuyers up to $20,000 (base $15,000 plus up to $5,000 for eligible households) in down payment and closing-cost assistance as a 0% interest, no-payment loan forgiven after 10 years of owner occupancy, for purchase of a home in Richfield.
• Up to $20,000.
• 0% interest, no payments.
• Forgiven after 10 years.
• Extra $5,000 for renters/disability/dependents.
• Pro-rated payback if sold early.
• Funding comes from City of Richfield.

How much assistance does it provide?

Richfield First Time Homebuyer Loan offers between $15,000 and $20,000 in assistance.

• Award tiers: Base $15,000 for all qualified applicants; +$5,000 for current Richfield renters, households with a documented disability, or households with dependents under 18.
• Buyer contribution: Buyers contribute at least $1,000 of their own funds.
• 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 Richfield (Housing & Redevelopment Authority) determines any individual award.

Do you have to pay it back?

Richfield First Time Homebuyer Loan is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 0% no-payment loan; pro-rated repayment if sold within first 10 years; forgiven after 10 years of owner occupancy.
• 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?

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

What are the income limits?

Richfield First Time Homebuyer Loan limits household income to $105,200.

• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Is there eligibility for specific groups?

Richfield First Time Homebuyer Loan names buyers with disabilities among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Richfield First Time Homebuyer Loan serves buyers purchasing in Richfield, Minnesota.

How do you apply?

Applications for Richfield First Time Homebuyer Loan go through City of Richfield (Housing & Redevelopment Authority), 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 Home Stretch First Time Homebuyer Workshop before closing (free for Richfield renters)..

2. 2

   Contact City of Richfield (Housing & Redevelopment Authority) to reserve funds

   Funds are reserved with the provider 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.