 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.
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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