Choosing the right down payment assistance program can be a daunting task, especially for first-generation homebuyers unfamiliar with the process.
That's why we're here to help simplify your decision.
Both programs outlined below offer substantial financial aid designed to ease the burden of initial home buying costs. By comparing these options, you can better understand which program aligns with your personal and financial situation, ensuring you make an informed choice that suits your long-term homeownership goals.
Important Update: As of December 19, 2024, funds for the Minnesota First-Generation Homebuyer Loan Program have been fully allocated. But don’t worry—there’s still another opportunity!
Apply now for the First-Generation Homebuyers Community Down Payment Assistance Fund before funds run out. Don’t miss your chance to secure the support you need to buy your home!
First-Generation Homebuyers Community Down Payment Assistance Fund
This innovative fund is dedicated to reducing the homeownership gap in Minnesota by providing targeted down payment assistance. Here’s how this program stands out:
| First-Generation Homebuyers Community Down Payment Assistance Fund | |
|---|---|
| Funding Available | $100 million |
| Maximum Loan Amount | 10% of the purchase price, up to $32,000 |
| Loan Terms | Deferred, forgivable loan with no interest and no payments required; 20% forgiven annually, fully forgiven after 5 years |
| Eligibility | Must be a first-generation homebuyer; additional criteria apply |
Minnesota Housing’s First-Generation Homebuyer Loan Program
Offering robust down payment and closing cost assistance, this program helps first-generation homebuyers achieve their dreams of homeownership with the following features:
| Minnesota Housing’s First-Generation Homebuyer Loan Program | |
|---|---|
| Funding Available | $50 million |
| Maximum Loan Amount | Up to $35,000 |
| Loan Terms | Deferred, interest-free, forgivable loan; 50% forgiven at 10 years, remaining 50% forgiven at 20 years |
| Eligibility | First-generation homebuyer status required; additional criteria apply |
Ready to get started?
Start your journey toward homeownership today. Apply today or contact us below for more information on how you can qualify as a first-generation homebuyer and take advantage of these life-changing programs.
