First-Generation Mortgages2024-06-18T13:41:57-05:00

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.


  • 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

First-Generation Mortgage

Only available to eligible first-generation homebuyers1.

  • Fixed-rate mortgage
  • Paired with a secondary mortgage for forgivable down-payment assistance provided by the Community Down Payment Assistance Fund

Start your home-buying mortgage process today by getting pre-qualified2.
Our team will contact you to get the process moving.

Meet Our Mortgage Team

Jim Iacarella, NMLS# 343004

ITIN Mortgage Loan Officer
(651) 767-9822

Bryan Wrich

ITIN Mortgage Loan Processor/Closer
(651) 461-8750

More Mortgage Offerings

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Traditional Borrowers

ITIN Borrowers


1 Borrowers must qualify and be eligible for the Community Down Payment Assistance Fund First-Generation Homebuyer Program. Eligibility requirements and application can be found at If at any point prior to loan closing, the borrower(s) are rejected from the First-Generation Homebuyer Program, the borrowers will no longer be eligible for this product, and the Bank will work with the borrower(s) to fund a new product to meet their needs and qualifications.

2 By completing the pre-qualification you are not committed to working with Drake Bank.


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