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New Program Coming in 2024 for First-Generation Homebuyers

Minnesota Housing is excited to announce the First-Generation Homebuyer Loan Program offering downpayment assistance to first-generation homebuyers! We plan to launch the program in spring 2024.

Here’s what you need to know about the First-Generation Loan Program:

• Maximum loan amount of $35,000
• Forgivable if the borrower lives in the home
  • Half forgiven at year 10
  • Remaining balance forgiven at year 20
• Could be combined with a standard Minnesota Housing downpayment assistance loan, for a total of up to $53,000
• Available to Start Up borrowers who certify they are first-generation homebuyers

To learn more, visit the new First-Generation Homebuyer Loan Program webpage on our website. As the program launch approaches, we’ll update the page with additional information on the new program.

Homebuyers can get ready with the following steps:

1. Take a Homebuyer Education Class: Visit hocmn.org to find virtual and in person options
2. Get Mortgage Ready! Talk to an approved lender or Homebuyer Advisor to create a plan to get you on the path to be approved for a mortgage.
   • To find an approved lender, go to mnhousing.gov and select "Find a lender" from the "I want to" dropdown menu.
   • To find a Homebuyer Advisor, go to hocmn.org and click on “Find an Advisor"

Questions?

You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8 a.m. and 5 p.m. on business days.

www.mnhousing.gov

In connection with Single Family Division loan programs, Minnesota Housing is neither an originator of loans nor a creditor and is not affiliated with any Lender. To find out if you are eligible, or to apply for a loan, please contact a participating Lender.