First-time Home Purchase

The FAIM home purchase asset track is for first-time buyers looking to purchase a primary residence in Minnesota within 30 months (or less).  To be considered a first-time homebuyer, you and/or your spouse/partner cannot have owned a home within the previous three (3) years.  During FAIM enrollment you will complete financial management and home buyer courses and receive 1:1 financial coaching on your credit report and budgeting to create savings.

To be eligible for FAIM enrollment, you will need to:

• 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 ongoing earned income (wages or self-employment).
• Have combined household annual gross income at or below 200% of the current federal poverty guideline.
• Have total household net assets of less than $10,000.
• Have ability to reach your saving goal within 24 months or less.
• Have ability to purchase a home within 30 months or less.

To qualify for a home loan within 18-24 months of enrolling, you will also need:

• A credit score of 650 or more
• A minimum of one year of ongoing employment with sustained income that can support the cost of home ownership: mortgage payments (principal, interest, home insurance, property tax, etc.), utilities, maintenance, etc.

Resources for home buyers:

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