Buying a Home in the United States: Here’s How You Can Get Up to $35,000 in Aid in This State

The financial action of buying a house is one of the best investments a family can make, but perhaps an immediate acquisition is beyond your means if you still need financial assistance to complete your transaction.

Residents in the state of Minnesota who are first-generation buyers have the opportunity to acquire the property of a house through financial assistance amounting to more than $30,000, facilitated by the Gopher housing agency.

This is the First Generation Forgivable Homebuyers Down Payment Assistance Community Fund program, which has a total budget of $150 million.

The main goal of the implementation of this program launched in 2024 is to eliminate to a certain extent racial disparity and gaps in home ownership, which will allow more Minnesota residents to access wealth generation power.

The focus has been intentionally placed on first-generation homebuyers, since they are less likely to have access to generational wealth to help finance the down payment and closing costs.

If you want to know more details about the operation of the New Community Down Payment Assistance Fund for First Generation Homebuyers, we recommend you follow this link.

Last May 2023, this new Assistance Fund was established, applicable in 2024, which provides up to ten percent of the home purchase price in down payment grant for eligible buyers, setting a limit of $32,000.

The assistance is part of an interest-free loan, forgivable over five years as long as the buyer lives in the house as their main residence. Program beneficiaries can purchase a 1 to 2 unit home, including detached or semi-detached houses, condos, cooperatives, or manufactured homes titled as real property.

Likewise, shared actions are enabled, as well as community land trusts and other resale-restricted acquisitions.

Eligibility requirements for the housing assistance program:

Firstly, the buyer must be first-generation, meaning they have never owned a home, or if they have under certain circumstances lost it due to foreclosure. It also applies to those whose parents or legal guardians never owned homes or lost them also due to foreclosures.

Another requirement for classification is that co-borrowers must also be first-time buyers, without home ownership in the last three years. In addition, the total income of all buyers listed on the mortgage loan must not exceed certain figures according to the place of residence:

• $124,200 for buyers living in the eleven Twin Cities Metro counties.
• $118,000 for buyers living in Dodge or Olmsted counties.
• $111,700 for buyers living in any other county in Minnesota.

Before applying for the financial fund, buyers must have mortgage loan approval, and at least one buyer must reside in Minnesota, and the home to be purchased must also be located in that state.

As an additional requirement, the first-generation buyer must certify a homebuyer educational workshop in the last twelve months, which can be accessed from this link.

Likewise, if what you need is a homebuyer advisor to evaluate your mortgage readiness and assist you in the financial well-being process to achieve successful and sustainable home ownership, you can access this site.