First Time Homebuyer Program

Up to $20,000 in downpayment and closing cost assistance for first time buyers!
*Funding is subject to availability. Please contact a Housing Specialist for current funding availability!

Download the program flyer here.

ABOUT THE LOAN:
  • Up to $20,000 towards the purchase of a home in Richfield by a qualified application
    • Base Loan of $15,000 for all qualified applicants
    • Additional $5,000 available for households that: are current Richfield renters; or have a household member with a documented disability; or have dependents under age 18 in the home. 
  • 0% interest, no payments. 
  • Loan is forgiven after 10 years living in the home
  • Pro-rated repayment if sold within the first 10 years
WHO IS ELIGIBLE:
  • First time buyers who have not owned a home in the past 3 years
  • Household must meet income limits
    • Updated April 2023
      HOUSEHOLD SIZE TOTAL INCOME LIMIT (GROSS)
      1 person $66,300
      2 person $75,750
      3 person $85,200
      4 person $94,650
      5 person $102,250
  • Buyers must have obtained mortgage pre-qualification from a lender
  • Post-closing, maximum non-retirement assets of $25,000
  • Buyers must contribute at least $1,000 of their own funds towards the purchase
  • Buyers must complete Home Stretch First time Homebuyer Workshop prior to closing

Are you just getting started? 
Check out our flyer for Homebuyer Resources!
If you are planning to purchase a home, homebuyer education or counseling is a great place to start. Your advisor will teach you about the process, answer your questions, and help you make smart decisions. Connect with a local organization today: