Interested in becoming a first-time homeowner? Introducing a new Minnesota loan program offering up to $53,000 to help with your downpayment and closing costs.
Are you or someone you know a first-generation homebuyer? Wondering what that means? A first-generation homebuyer is someone who, along with their parent(s) or legal guardian(s), has never owned a home in any country, or has owned a home but lost it due to foreclosure. Even if you’re unsure about your parent or legal guardian’s homeownership history, you may still qualify for this fantastic program. The qualifying factors are listed below.
Now, let’s dive into the details! This program offers a deferred, interest-free, and potentially even forgivable loan, which means that half of the loan is forgiven after 10 years, with the remaining half forgiven after 20 years, provided you continue to reside in the home through the forgiveness date.
With loans of up to $35,000 available, this program is designed to provide substantial assistance in covering your downpayment and closing costs. If you meet the eligibility requirements, you can also combine this program with one of our standard downpayment and closing cost loan options, potentially qualifying for up to $53,000 in assistance. This flexibility allows you to address a variety of expenses associated with homeownership.
Keep in mind that you must be using a Start Up First Mortgage loan to buy your home to qualify for the First-Generation Homebuyer loan. Our preferred lender can help you with this if you have any questions!
Whether you’re dreaming of owning your first home or helping someone achieve this milestone, Impact Realty Group and our preferred lenders are here to support you every step of the way. If you have any questions or would like to explore your eligibility further, don’t hesitate to reach out to us! We are here to assist you in making informed decisions about your homeownership journey.
If you’re looking for more information about getting pre-approved, fill out this form on our website and our lender will get in contact with you to discuss your options!
Learn more about this program at MN Housing’s website: https://www.mnhousing.gov/homeownership/firstgen.html
