St. Paul, Minn. | June 25, 2024 – Drake Bank is proud to announce its participation in the First-Generation Homebuyers Community Down Payment Assistance Fund Program to empower first-time homebuyers in Minnesota. This initiative offers up to 10% of a home’s purchase price (up to $32,000) as a forgivable loan designed to help first-generation buyers achieve the dream of homeownership.

Eligible applicants must meet specific income requirements and complete an approved homebuyer education workshop. Drake Bank is committed to providing preapproval for fixed-rate mortgages and guidance from our expert team to navigate the mortgage process.

“Homeownership is a key component of the American dream. Owning a home provides a sense of belonging and pride within a community, financial stability, tax deductions, and the opportunity for long-term wealth building”, said Greg Larson, President and CEO at Drake Bank, “consistent with our mission, our team is excited for another opportunity to help others build a better future by participating in the new First Gen Homebuyer program administered by Midwest Minnesota Community Development Corporation.”

Drake Bank’s involvement in this program supports its mission of building better futures for its clients and community.

If you would like more information about the program, visit our website, and our expert mortgage team will help guide you through the process.

Drake Bank is a purpose-driven, independent community bank in St. Paul. Founded in 2002, the Drake team focuses on building authentic relationships and building a better future for the local communities. Drake team members work individually with each client to provide business, consumer, cash management, and mortgage services to help them reach their goals. Outside of the Bank’s traditional banking services, it partners with mission-aligned financial technology companies to expand its mission to other communities. Start building a better future. Learn more at