Family Self Sufficiency Home Ownership Neighborhood Networks Learning Centers Resident Service Coordination Financing Programs Contact Us Contact: Regina Kerr Homeownership Coordinator (701) 792-2881 rkerr@grandforksgov.com	Home Buyer Incentive
	This is a low-interest loan program to help families with incomes of 80-120% of the area median income to become homeowners by providing up to $7,500 for down payment and closing costs.   The City of Grand Forks will provide a low-interest loan of up to 10% of the purchase price of the home or $7,500, whichever is less. These funds will be delivered to your mortgage lender at closing, and can be used to assist with your down payment, closing costs, and prepaid items (such as credit report fees, appraisal costs, etc.). These funds cannot be used to make repairs or improvements on the home.     You are eligible if: You meet normal credit underwriting standards (can get financing) You are a first time 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) You meet the following income guidelines:                             Household* Size                  Income Range                                            1                                 $32,601 - $48,900                                            2                                 $37,251 - $55,875                                            3                                 $41,551 - $62,850                                            4                                 $46,551 - $69,825                                            5                                 $50,251 - $75,375                                            6                                 $54,001 - $81,000                                            7                                 $57,701 - $86,550                                            8                                 $61,451 - $92,175     * "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.