Eligible recipients can receive up to ten percent of a home’s purchase price, capped at $32,000. The down payment assistance provided under this program is a zero-interest loan that is forgiven over five years (20% forgiven each year), as long as the homebuyer lives in the home as their primary residence. If you are approved, the funds are reserved for 90 days.

Max Purchase Price Explanation

Effective for applications on or after August 1, 2024, the maximum purchase price limits are as follows: ▪ 11-county metro 1-unit $515,200 and 2-unit $659,550 ▪ All other counties 1-unit $472,030 and 2-unit $604,400

Down Payment Assistance Amount (Explanation)

Loan is forgivable at a rate of 20% per year on the day after the anniversary date of the note. There is no monthly pro-rate or other partial year credit. • Prorated balance of the loan is repayable if the property converts to non-owner occupancy, is sold, is subjected to an ineligible refinance, an unauthorized transfer of title, or a completed foreclosure action within the five-year loan term. • Recapture can be waived in the event of financial or personal hardship with the approval of the Administrator

Financial Instution

Bell Bank

Additional Information

Am I eligible? For this program, you must be a First-Generation Homebuyer if you AND your parent(s) or legal guardian(s) never owned a home in any country, OR owned a home but lost it due to foreclosure. You also must be a current resident of Minnesota. At least one buyer must be a First-Generation Homebuyer and a resident of Minnesota. All other buyers (co-borrowers) must be first-time homebuyers, meaning they haven’t owned a home in the last three years. Non-occupant co-borrowers and co-signers are not allowed. You need to be preapproved for a fixed-rate mortgage from the lender of your choice. We recommend taking this step after completing a homebuyer education workshop.

Role

Loan Officer