The Foreclosure Purchase Incentive Program (FPIP) is a program designed to encourage prospective home buyers to purchase foreclosed properties in the City of Richfield.  

FPIP offers either a $10,000 down-payment assistance OR a $15,000 rehabilitation assistance deferred loan.  The loans bear no interest and are fully forgivable if the property remains continuously homesteaded for a period of five-years following purchase.  There are no income limits associated with this loan program and any currently foreclosed single-family residential property in the city is eligible. 

Please note, this loan program requires a minimum of 20% equity in the property.

Please read the FPIP Guidelines, Applications and Agreements for complete details.  Buyers will likely need a Subordination Agreement from the Richfield HRA to participate in the FPIP; look at our Subordination Agreement Requirements and our Subordination Agreement request form.

Down-Payment Assistance

Down-Payment Assistance Application Form

Down- Payment Assistance Loan Agreement

 

Rehabiltation Assistance

Rehabiltation Assistance Application Form

Rehabilitation Loan Agreement

 

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