Unlock Homeownership with Minnesota Housing's First-Generation Homebuyer Loan Program

Are you a first-generation homebuyer looking for down payment assistance? The Minnesota Housing's First-Generation Homebuyer Loan Program offers a fantastic opportunity with loans up to $35,000 to help you achieve your dream of homeownership.

Program Overview:

The First-Generation Homebuyer Loan Program provides financial support to eligible first-generation homebuyers. With funding available for approximately 1,500 borrowers, this program operates on a first-come, first-served basis. Don’t miss out—act quickly before the funds run out!

Who Qualifies as a First-Generation Homebuyer?

You may qualify as a first-generation homebuyer if:

• Neither you nor your parents or legal guardians have ever owned their primary residence, in any country.

• Your parents or legal guardians owned a home but lost it due to foreclosure.

Even if you’re unsure about your parents' or guardians' homeownership history, you may still be eligible for the program.

What is the First-Generation Homebuyer Loan?

This loan is designed to be:

• Deferred: No payments are required until certain conditions are met.

• Interest-Free: You won’t accrue interest on this loan.

• Forgivable: Half of the loan is forgiven after 10 years, and the remainder after 20 years, provided you continue to live in the home and meet all terms of the loan note.

Loan Repayment Conditions:

The loan balance is due in full if:

• The property is no longer your primary residence.

• You sell or refinance the home.

Eligibility Requirements:

To qualify, you must:

• Meet specific income limits.

• Have a minimum credit score.

• Complete a homebuyer education course.

How to Use the Loan:

The First-Generation Homebuyer Loan can be used for various expenses, including:

• Down payment

• Closing costs

Additionally, you must secure a Start Up First Mortgage loan to purchase your home. This program can also be combined with other down payment and closing cost loan programs, potentially providing you with up to $53,000 in total assistance.

Getting Started:

Ready to take the next step? Find a participating lender in our network who can guide you through the First-Generation Homebuyer Loan Program and its eligibility requirements. Let your lender know you are interested in Minnesota Housing’s First-Generation Homebuyer Loan Program.

Need More Time to Prepare?

It's never too early to get ready for homeownership. Consider taking a homebuyer education class or speaking with a housing counselor. Visit our homebuyer education webpage to learn more and start preparing today!

Important Information:

Minnesota Housing, in connection with Single Family Division loan programs, does not make or arrange loans. We are neither an originator nor creditor and are not affiliated with any lender. The terms of any mortgage finance transactions conducted in connection with these programs, including important information such as loan fees, the annual percentage rate (APR), repayment conditions, disclosures, and any other required materials, are the responsibility of the lender.

Take advantage of this incredible opportunity to become a homeowner. Contact a participating lender today and see if you qualify for the First-Generation Homebuyer Loan Program!