First-Generation Homebuyer Loan Program

First-Generation Homebuyer Loan Program

The First-Generation Homebuyer Loan Program: Making Homeownership Attainable | 👉 Get Started

Minnesota Housing's First-Generation Homebuyer Loan Program is tailored to empower first-generation homebuyers by providing essential assistance with down payments and closing costs.

First-Generation Homebuyer Loan Program

Who Qualifies as a First-Generation Homebuyer?

You may be eligible for the program if neither you nor your parent(s) or legal guardian(s) have previously owned a home, regardless of the country of residence. Alternatively, qualification is also possible if there was prior homeownership but it was lost due to foreclosure. If unsure about your parent or legal guardian's homeownership history, you may still be eligible for the program. 👉 Get Started

First-Generation Homebuyer Loan Program

Understanding the First-Generation Homebuyer Loan:

This loan is a deferred, interest-free, and forgivable arrangement. Over a span of 20 years, half of the loan amount is forgiven after the initial 10 years, provided that the homeowner continues to reside in the property until the forgiveness dates.

The program extends loans of up to $35,000, contingent upon utilizing a Start Up First Mortgage loan for home purchase.

Moreover, if meeting eligibility criteria, applicants have the opportunity to combine this program with standard down payment and closing cost loan options, potentially qualifying for up to $53,000 in total assistance.

The flexibility of this loan allows for its utilization towards various expenses associated with homeownership, including down payments and closing costs. 👉 Get Started

Distinguishing Between Programs:

It's essential to differentiate between Minnesota Housing's First-Generation Homebuyer Loan Program and the First-Generation Homebuyers Down Payment Assistance Fund.

These programs cannot be concurrently utilized. Both initiatives are state-funded and share the overarching objective of expanding access to homeownership for first-generation homebuyers. However, they operate independently, each serving as a distinct avenue for assistance.

In essence, Minnesota Housing's First-Generation Homebuyer Loan Program stands as a pivotal resource in realizing the dream of homeownership for first-generation homebuyers, offering vital financial support tailored to their unique circumstances. 👉 Get Started

First-Generation Homebuyer Loan Program

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