First-Generation Mortgages

Eligible first-generation homebuyers can buy their home through our specialized mortgage products and in partnership with the First-Generation Homebuyers Community Down Payment Assistance Fund. This program aims to reduce the racial homeownership gap and make the dream of homeownership accessible to more families in Minnesota.

First-Generation Down Payment Fund

The First-Generation Homebuyers Community Down Payment Assistance Fund provides up to 10% of a home’s purchase price, capped at $32,000, in the form of a forgivable loan. The down payment assistance provided under this program is a zero-interest loan that is forgiven over five years (20% forgiven each year), if the homebuyer lives in the home as their primary residence.

Eligibility

Borrowers and their parent(s) or legal guardian(s) never owned a home in any country or owned a home but lost it due to foreclosure.
Current resident of Minnesota
Have an income below the specified limits, which differ by county
Complete an approved homebuyer education workshop within the last 12 months
Obtain preapproval for a fixed-rate mortgage loan

Learn More about the Fund