Home Asset

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 (see below)

2022 Federal Poverty Guideline

A participant’s income and assets may increase after full  enrollment into the FAIM program.