Minnesota has launched a first-time home loan program to help families who have never had the opportunity to own a home in the state.
The program has a fund of 150 million dollars with which it is intended to build homes for 1,500 families. It is called the “First Generation Homebuyer Loan Program”
The initiative was approved in 2023, regarding this, Senator Clare Oumou Verbeten stated: “If you or your parent or guardian never owned a home or lost it due to foreclosure, you may be eligible for this program.”
Conditions
The loan program is only for those who finance their homes with Minnesota Housing Start Up, so applicants must be low- or moderate-income individuals in their counties.
Those earning up to $142,800 can qualify for the loan. The loan has a credit limit of $35,000.
Half of the loan is forgiven after 10 years, the other half after 20 years. If the buyer sells the house before finishing paying off the loan, he or she must repay the entire amount borrowed.
Entry limits by zone established by the program:
$124,200, in Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright counties.
$118,000, in Dodge or Olmsted counties.
$111,700 in all other Minnesota counties.
Bridging the generation gap
Another goal of the program, according to state officials, is to close the homeownership gap between blacks and whites.
Today, the housing gap stands at 79% for whites and 29% for African Americans living in Minnesota.
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2024-07-28 20:17:05
