Introducing the First-Generation Homebuyer Loan Program
A specialized initiative aimed at providing downpayment and closing cost assistance to first-generation homebuyers. The program is expected to launch in May 2024. Now is the opportune time to begin preparations for this program.
✨ Get Prepared for Homeownership
- Enroll in a homebuyer education class to enhance your knowledge and be prepared.
Homes For Sale in Minnesota
Minnesota Homes For Sale w Acres
IDX MLS IDX Listing Disclosure © 2025
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
Who is a First-Generation Homebuyer?
A first-generation homebuyer is someone who, together with their parent(s) or legal guardian(s), falls under one of the following categories:
- They have never owned their primary residence in any country.
- They have experienced the loss of a home due to foreclosure.
Loan Details
The First-Generation Homebuyer Loan Program offers loans up to $35,000. To qualify, individuals must be utilizing a Start Up First Mortgage loan for the purchase of their home.
Combine for Greater Assistance
Introducing the First-Generation Homebuyer Loan Program
A specialized initiative aimed at providing downpayment and closing cost assistance to first-generation homebuyers. The program is expected to launch in May 2024. Now is the opportune time to begin preparations for this program.
✨ Get Prepared for Homeownership
- Enroll in a homebuyer education class to enhance your knowledge and be prepared.
Homes For Sale in Minnesota
Minnesota Homes For Sale w Acres
IDX MLS IDX Listing Disclosure © 2025
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity SM Program of the Regional Multiple Listing Service of Minnesota, Inc. The information provided is deemed reliable but not guaranteed. Properties subject to prior sale, change or withdrawal. ©2024 Regional Multiple Listing Service of Minnesota, Inc All rights reserved.
Schedule a Consultation
Identify a participating lender in the Moorhead MN area who can assist you in navigating the loan process.
Call Shannon Barnum at Modern Market REALTORS® 701-491-2000 for a Lenders List
By taking these proactive steps, you’ll be well-prepared to embark on your journey toward homeownership with the support of the First-Generation Homebuyer Loan Program.
Who is a First-Generation Homebuyer?
A first-generation homebuyer is someone who, together with their parent(s) or legal guardian(s), falls under one of the following categories:
- They have never owned their primary residence in any country.
- They have experienced the loss of a home due to foreclosure.
Loan Details
The First-Generation Homebuyer Loan Program offers loans up to $35,000. To qualify, individuals must be utilizing a Start Up First Mortgage loan for the purchase of their home.
Combine for Greater Assistance
If eligible, you can combine this program with other downpayment and closing cost loan options for a total assistance package of up to $53,000. The program provides comprehensive support tailored to first-generation homebuyers, offering a structured pathway to homeownership.
Frequently Asked Questions
1. How do I apply for the First-Generation Homebuyer Loan Program?
Application details can be found on the Minnesota Housing website or by contacting us directly.
2. Who is eligible for the program?
First-generation homebuyers who meet the specified criteria, such as never owning a home or experiencing foreclosure, are eligible.
3. What is the maximum loan amount?
The program offers loans up to $35,000, with potential for additional assistance.
4. How does loan forgiveness work?
Half of the loan amount is forgiven after 10 years, with the remaining half forgiven after 20 years, provided the homeowner remains in the home.
5. Can I use this loan with other financing options?
Yes, you can combine this program with other downpayment and closing cost assistance options.
6. Is there an interest rate on the loan?
No, the loan is deferred and interest-free, making it easier to manage.
7. Do I need a credit check to apply?
Yes, standard credit checks are part of the application process to determine eligibility.
8. How long does it take to process my application?
Processing times can vary, but it’s typically a few weeks depending on documentation and lender availability.
9. Can I use the funds for anything other than downpayment and closing costs?
The funds are specifically for downpayment and closing cost assistance.
10. Where can I find more information about the program?
For detailed information, visit the Minnesota Housing website or contact us.
What Our Clients Say
“The First-Generation Homebuyer Loan Program made my dream of homeownership possible!” – Jane D.
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MN’s NEW First Generation Homebuyer Loan Program
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