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First-Generation Homebuyer Loan Program Results
Last year, Minnesota Housing offered a first-of-its-kind opportunity: The First-Generation Homebuyer Loan Program.
Open for about seven months, the program launched on May 6, 2024, and closed on December 19, 2024. During that time, the program served 1,431 first-generation homebuyers whose families had been excluded from homeownership for generations. The program was successful in making homeownership more affordable throughout the state and became an important tool in addressing the homeownership gap.
“Helping Minnesotans have the opportunity to build wealth for generations to come through homeownership is a critical part of the work we do,” said Jennifer Leimaile Ho, Minnesota Housing Commissioner.
Minnesota Housing would like to thank all our partners again for participating in Minnesota Housing’s First-Generation Homebuyer Loan Program and contributing to its success!
Here is a snapshot of the initial program results:
- 82% new Black, Indigenous, and People of Color (BIPOC) homeowners
- Total volume of loans closed: $49,278,979
- Average First-Generation Homebuyer Program loan amount: $34,440
- 79% of first-generation borrowers also obtained a second Minnesota Housing Downpayment Assistance Loan (DPA) with an average loan amount of $16,570.
- 76% of loans went to borrowers making less than 80% of the area median income.
Please see the First-Generation Homebuyer Loan Program Recap for expanded data.
Start Up Program Eligibility Income Worksheet Update
We made updates to provide further clarification and guidance on the Additional Income from an Employer section in the Start Up Eligibility Income Worksheet.
- Added reimbursements to exclusions section.
- In the guidance section clarified year to date exclusions.
Does Step Up use Eligibility Income?
No, Step Up uses only qualifying income.
Qualifying income applies to both Start Up and Step Up programs, based on the underlying product (FHA, VA, Conventional or RD). This income is used in the Automated Underwriting System (AUS), and is what the underwriter uses to qualify the borrower(s) for the mortgage payment. Qualifying income is also used to calculate Area Median Income (AMI).
Eligibility income applies only to Start Up to be sure the borrower is eligible for the program and income limit requirements for a Mortgage Revenue Bond loan. Review and complete the Start Up Program Eligibility Income Worksheet and include the necessary income.
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2025 Monthly Training Webinars
Join Minnesota Housing for our monthly webinar series. These trainings lay out the basics of Start Up, Step Up, and our three Downpayment and Closing Cost loan options. These webinars also provide tips and best practices to help you successfully originate and close Minnesota Housing loans.
Monthly Update & Hot Topics Call
The Monthly Update & Hot Topics Call is open for everyone to attend. During these calls we review recent Minnesota Housing updates and important information to help you originate and process our loans. Lenders are welcome to submit questions or topics to discuss on the call. This is a great venue to have more in-depth discussion on advance topics.
Register for the 2025 calls.
When you register, you will be signed up for all sessions in the series but can attend the sessions that work for you. Most calls occur on the second Thursday of the month from 9-10 a.m. Central time.
2025 Schedule:
- August 14
- September 11
- October 9
- November 13
- December 11
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.
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 2024, we distributed $1.96 billion in resources and served 73,650 households. Visit our website to learn more.
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