Downpayment Assistance
If you are thinking about buying a home in Fargo, you may qualify for down payment and closing cost assistance of $5,000. The assistance is in the form of a zero-interest deferred payment loan that is due when you sell your home.
To be eligible for Fargo Downpayment Assistance, you must:
- Attend a home buyer education program approved by the City of Fargo prior to making an offer to purchase a home.
- Qualify based on gross annual household income. Also, your projected cash assets at the time of application cannot exceed 20 percent of the purchase price of the property.
- Be looking to purchase a property located in the City of Fargo. Eligible properties can be either existing or newly constructed, one-unit, single family residences, including condominiums and manufactured homes permanently attached to real property. Currently rented properties and properties located within a 100-year flood plain are not eligible for this program. The property must comply with zoning ordinances, and the purchase price of the property cannot exceed $135,000.
Additional information on the program is available from Monica Graber at 241-1474 or mgraber@cityoffargo.com. Contact a local lender to apply!
Funds for this program come from the Department of Housing and Urban Development (HUD).