First-time Home Purchase

  • About the Program

    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.

  • Eligibility

    • 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.

  • Additional Resources


Minnesota Homeownership Center
• Click to View Resource

Framework Homebuyer Education Online Course
• Click to View Resource

Upcoming Homebuyer Education Workshops
• Click to View Resource

Resources And Handbooks On Housing & Utilities Are Available On The Minnesota Attorney General’s Website
• Click to View Resource

Minnesota Housing’s 2024 First-Generation Homebuyer Loan Program
• Click to View Resource

  • Frequently Asked Questions

Could FAIM be right for you?

Contact Us

Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.

Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.

Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.

Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.

Scroll to Top