Fridley Down Payment Assistance Deferred Loan
The City of Fridley currently offers down payment and closing cost assistance to first time homebuyers purchasing a home in Fridley.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $5,000.
- Owner-occupied residential structures.
- 1-4 unit properties located in the City of Fridley.
- Townhomes, condominiums, and properties held in a trust are eligible.
- To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
- 0% APR.
- Fixed interest rate.
- Income limits apply.
- The loan is 100% due when the borrower(s) sell(s), transfers ownership, or no longer occupies the property as the borrower(s) primary residence.
- Funds may be used for down payment or closing costs.
- Borrower(s) must be first time Homebuyer(s).
- Prior to closing the homebuyer(s) MUST attend a Home Stretch workshop or other valid homebuyers course offered through an approved counseling agency by the US Department of Housing and Urban Development (HUD).
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).