The FAIM home purchase asset track targets persons who are first-time buyers looking to purchase a home in Minnesota. To be considered a first-time homebuyer by program standards, the applicant and/or their spouse/partner may not have owned a primary residence 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, participants must:
- Be at least 18 years of age
- Be a resident of Minnesota (at time of enrollment through exit from FAIM)
- Be a US citizen or eligible non-citizen
- Have earned income 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 poverty
- Ability to save up to $2,000 within 24 months
- Ability to purchase the asset within a maximum of 30 months.