Homebuyer Grants and Funding Programs

Homebuyer funding programs and grants can help provide funding for down payments, closing costs, and more - helping keep cash in your pocket! Lets see what home funding programs we can find for you.

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Frequently Asked Questions

The Minnesota Housing's First-Generation Program provides deferred loans that are eligible for forgiveness. These loans can be used for down payments and closing costs and are available statewide. This program must be combined with a Minnesota Housing Start Up first mortgage. 

You may qualify as a first-generation homebuyer if you and your parent(s) or legal guardian(s):

  • Have never owned a home (in any country) 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.

A first-time homebuyer is an individual or household who is purchasing a home for the first time. This category typically includes individuals who have not owned a home within the past three years. First-time homebuyers often embark on the exciting journey of purchasing their first property, navigating through the complexities of the real estate market, securing financing, and ultimately becoming homeowners. Many governments and financial institutions offer incentives and assistance programs tailored specifically to support first-time homebuyers in their pursuit of homeownership.

Yes, there are often financial requirements to qualify for home grants. These requirements can vary depending on the specific grant program, the organization offering the grant, and the region or country in which you are applying. Typically, grant programs for homebuyers may consider factors such as income level, credit score, debt-to-income ratio, and the purchase price of the home. Some grants may be specifically targeted towards first-time homebuyers or individuals from low to moderate-income households.

Additionally, grant programs may have restrictions on the type of property being purchased, such as primary residences versus investment properties. It's essential to thoroughly research the eligibility criteria for any grant program you're interested in and to ensure that you meet all the necessary requirements before applying. Additionally, consulting with a loan officer that works with these programs can provide valuable guidance in navigating the application process and understanding your eligibility for home grants.

Investing in Real Estate

Owning real estate is an investment. As you pay down your loan and home values rise, you gain equity in your home. This equity can be used to not only pay-off debt, make home improvements, but also to invest in additional real estate and help build passive income.

If you're interested in learning more about investing in real estate, fill out this form for a comprehensive guide. 

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