You may qualify as a first-generation homebuyer if you and your parent(s) or legal guardian(s):
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 one of our standard downpayment and closing cost loan options. If eligible, you can qualify for up to $53,000.
You can use the loan for a variety of expenses, including downpayment and closing costs.
The Minnesota First-Generation Homebuyer Loan funds will be available in spring 2024. These funds will go quickly. Sign up now to receive the latest information to help you prepare.