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+


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:

Minnesota Housing’s 2024 First-Generation Homebuyer Loan Program: