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First-Generation Homebuyer Loan Program Update

Funds are going fast! As of today, approximately $4.5 million remains in the Minnesota Housing First-Generation Homebuyer Loan Program. To keep you informed as funds draw down, we will start updating the First-Generation Homebuyer Loan commitment tracker on our First-Generation Homebuyer Loan webpage daily. This pie chart shows the percentage of funds used versus the percentage of funds available.

Please talk to any First-Generation Homebuyer clients you are working with to make sure they understand that to use the First-Generation Homebuyer Loan Program they will need to lock before funds run out.

First-Generation Homebuyer Education Requirement Timing

As funds are winding down for the Minnesota Housing First-Generation Homebuyer Loan Program, it’s more important than ever to understand the homebuyer education requirements for the two statewide first-generation homebuyer programs.

• First-Generation Homebuyers Community Down Payment Assistance Fund  
  • Timing: An approved homebuyer education course must be completed within the last 12 months and BEFORE signing a Purchase Agreement.
• Minnesota Housing First-Generation Homebuyer Loan Program
  • Timing: An approved homebuyer education course must be completed before closing.

Additional information about the eligible homebuyer education resources and other specific program requirements can be found on each of the program webpages. The two programs cannot be combined.

About Minnesota Housing

Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.

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.