City of Rockford – First Time Homebuyer Program

The city of Rockford has a new first time homebuyer program that provides financial assistance for low and moderate income households to become homeowners.

The money is available to all – however, there are qualifying guidelines.  The money is used to provide down payment assistance and reduce the mortgage principle.  The home must lie within the city limits.  

The financial assistance will be provided at a minimum amount of $3,000.00 and a maximum amount of $18,000.00.  Assistance is provided in the form of a “no interest” deferred payment loan that is due and payable 30 years from the initial purchase date or when the home is sold, transferred or no longer the primary residence.  As funds are available applicants to the program will be selected on a first come, first served basis.  You must qualify with the lender first before applying for the funds from the city. 

To begin the process – prospective homebuyers must select a lender approved by the City of Rockford.  Ron Monroe of PHH Home Loans is located right here in our office and is approved by the city for participation in the program.  Ron can also be reached at 651-398-7673.

Participants in the program must attend a first time homebuyer class/workshop that is offered by Wright County Community Action, we can help with this. 

Once the approval process is completed and guidelines for the program met – we can help you look for a home. 

Please contact Dorothy Marschel at Dorothy@DerrickMonroe.com for all of the details and to receive a free list of properties that match your needs.  If you would like you may also feel free to stop by our office located at 8010 Hwy 55 anytime.