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.

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. Homebuyer 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.

Richfield First Time Homebuyer Loan is forgiven after 10 years, so a homebuyer 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.

Richfield First Time Homebuyer Loan 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. A homebuyer education course is required, through Home Stretch First Time Homebuyer Workshop before closing (free for Richfield renters). Bonus tier for disability/renter/dependent households confirmed; other special-population flags not specified by source. Post-closing non-retirement assets capped at $25,000. Mortgage pre-qualification required. Loan amount may be adjusted to demonstrated gap/need and funding availability.

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.

Richfield First Time Homebuyer Loan names homebuyers 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.

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

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. 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.