01/16/2024
COMING SPRING 2024: MN First-Generation Homebuyer Loan Program!
You may qualify as a first-generation homebuyer if you and at least one of your parents or legal guardians:
Have never owned a home
OR
Owned a home but lost it due to foreclosure
If you do not know if your parent or legal guardian owned a home or lost it due to foreclosure, you may still be eligible for the program.
The first-generation homebuyer loan is a deferred, interest-free and forgivable loan. Half of the loan is forgiven after 10 years and the rest after 20. To be eligible for forgiveness, you must reside in the home through the forgiveness date.
The program offers loans up to $35,000. You must be using a Start Up First Mortgage loan to buy your home to qualify for the First-Generation Homebuyer loan.
If you meet eligibility requirements, you could also combine this program with a standard down payment and closing cost option. If eligible, you can qualify for up to $53,000. You can use the loan for a variety of expenses, including down payment and closing costs.
Reach out to me if you have any questions about this 😄