The FAIM home purchase asset track is meant for first-time buyers looking to purchase a primary residence in Minnesota within 30 months (or less). To be considered a first-time homebuyer by program standards, the applicant and/or their spouse/partner may not have owned a home within the previous three (3) years. To prepare participants for the home purchase, a 10-hour homebuyer education class is required in addition to 12-hours of financial management training.
To be eligible for FAIM enrollment, applicants must:
- Be at least 18 years of age.
- Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
- Have earned income (wages from employment or self-employment).
- Have total household net assets of less than $10,000.
- Have combined household annual gross income at or below 200% of the current federal poverty guideline.
- Have the ability to reach their saving goal within 24 months or less.
- Have the ability to purchase a home within a maximum of 30 months.
To qualify for a home loan within 18-24 months of enrolling, the participant will also need:
- At least one year of steady employment with sustained income that can support loan repayment.
- A credit score of 650+
Resources
Minnesota Homeownership Center: Home – HOCMN Framework homebuyer education online course: Link to Framework online course Upcoming homebuyer education workshops: Homebuyer education workshop calendar
Resources and handbooks on Housing & Utilities are available on the Minnesota Attorney General’s website: https://www.ag.state.mn.us/Office/Publications.asp
Minnesota Housing’s 2024 First-Generation Homebuyer Loan Program: https://www.mnhousing.gov/homeownership/firstgen.html