The American Dream Program
is a comprehensive program to help moderate-income families buy
their first home in Grand Forks. Assistance of up to $22,500 per
household is available through the following programs:
Down Payment/Closing Cost Assistance Program (DCA)
This program is designed to assist with the up-front costs of
buying a home. It provides grant funds of up to $5,000 to cover
half of the lender-required down payment ($1,000 minimum buyer
contribution) and all reasonable buyer closing costs.
Home Ownership Assistance
Program (HOAP)
This program helps reduce the monthly house payment. It provides
funds of up to $10,000 or 10%, whichever is less, of the sales
price of an eligible home as a no-interest, forgivable second
mortgage.
NEW!!!
Home Ownership Assistance
Program (HOAP) PLUS
This program provides up to $7,500
additional assistance for the purchase of a new home in the
Promenade. The HOAP Plus funds will be combined with the HOAP
assistance (Maximum of $17,500) and provided as a no-interest,
forgivable second mortgage. This program is available towards
the purchase of a Promenade home ONLY. To find out more about
this development, available homes, and current pricing
Click Here.
You are eligible if:
-
You meet normal credit
underwriting standards (can get financing)
-
You are a first time
Grand Forks home buyer (have not owned property in Grand
Forks for the last 3 years)
-
Your cash assets don't
exceed 10% of the price of the home you want to buy
(including IRAs, 401Ks, etc.)
-
You meet the following
income guidelines:
Household Size Income Limit
1 $32,600
2 $37,250
3 $41,550
4
$46,550
5 $50,250
6
$54,000
7 $57,700
8 $61,450
*
-"Household" is defined as everyone who is living with you,
whether related or not. To be considered eligible, gross income
of all household members from all sources cannot exceed the
above limits.
What Homes are eligible?
- Single family
homes, town homes, and condos within the Grand Forks city
limits.
- Assistance is not
available to purchase mobile homes or properties with rental
or commercial spaces.
- The home must be
your primary residence.
- The purchase price
cannot exceed $150,000.
- Properties occupied
by someone other than the seller (rented homes) may be
ineligible due to tenant displacement issues.
Application
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