Apr 17, 2013 at 7:51 am
The Grand Forks City Council has approved a homebuyer assistance program designed to help qualified applicants buy their first home. The program will begin May 1st and provide up to ten-thousand dollars towards a down payment or closing costs. Applicants must fall within HUD income guidelines. Council member Terry Bjerke says it’s important the city spell out how it works. He says it's not "free" money or a grant.
The assistance takes the form of a no interest deferred loan secured by a second mortgage. When the homeowner refinances…sells the home…or ceases to occupy it as a primary residence the loan must be repaid to the city. The purchase price cannot exceed 200-thousand-160 dollars.