New $35k Minnesota Down Payment Assistance Program.

First Generation Home Buyer Assistance Program

St Paul, MN: The Minnesota Housing Finance Agency has recently announced a NEW down payment and closing cost assistance program coming soon called the “First Generation Homebuyer Loan Program” that is geared towards first-generation, first time homebuyers.

To Qualify For The Assistance

• YOU must be a first time home buyer
• Your PARENTS or legal guardian must have never owned a home.
• You must qualify for the main regular underlaying loan (Conventional, FHA, etc), including meeting minimum credit score, household income, and debt-to-income requirements.

The program offers assistance loans up to $35,000 . The loan is a deferred payback, interest-free, and even forgivable loan. Half of the loan is forgiven after 10 years, and the rest after 20-years. To be eligible for forgiveness, the borrow must reside in the home through the forgiveness date.

Buyers will also be able to combine this new loan with existing Minnesota Housing Programs, to increase their assistance to as much as $51,500!

As with all assistance program, income and purchase price limits, as well as the homebuyer education requirement apply. *

The program is  not yet available, but coming very soon, with an expected launch sometime spring of 2024.

We are taking First Generation Home Buyer Assistance Loan application NOW. Hurry… Before the program is gone.

HOMEBUYER TIP: Your best course of action is to get in line and get Pre-Approved TODAY if you want to use this program to buy a Minnesota home. This way you know you qualify, and if needed, you have time to address any potential credit or qualifying issues.

QUESTIONS: Call our licensed home loan experts at (651) 552-3681