As of December 19, 2024, these one-time funds have been exhausted and the program is closed. We are unable to accept any more First-Generation Homebuyer Loan Commitments. If you were not able to access our First-Generation Homebuyer Loan, there may be other downpayment assistance programs available. To explore additional DPA resources that may be available, check out our other Homeownership Programs as well as the Minnesota Homeownership Center's Down Payment Assistance Search Tool. There are several first-generation homebuyer programs still available, such as the First-Generation Homebuyers Community Down Payment Assistance Fund.
Program Results
The data below provides a summary of closed and committed loans.1
|
|
MN |
Metro |
Greater MN |
Households Served |
1,432 |
*80% |
20% |
Median Household Income (includes non-borrowing spouse income) |
$77,000 |
$80,650 |
$63,250 |
Median Purchase Price |
$290,000 |
$305,000 |
$230,000 |
*It is estimated 75% to 85% of potential first-generation homebuyers in Minnesota live in the Metro area.
Total Funds Committed |
$50,000,000 |
Admin. Fees |
$0 |
Average Loan Amount |
$34,440 |
% of Counties Served |
64% (Accounting for 94% of the state's population) |
Median Buyer Credit Score |
717 |
Average Household Size |
3.5 |
Average Borrower Age |
38 |
New BIPOC Homeowners |
82% |
Hispanic |
35.7% |
Black or African American |
25.8% |
White (non-Hispanic) |
18.1% |
Asian/Pacific Islander/Native Hawaiian |
16% |
Multi-Race |
3.6% |
American Indian or Alaska Native |
0.6% |
Types of Mortgages |
|||
| Conventional | FHA | VA | USDA |
| 76% | 23% | 0.3% | 0% |
1 Any cancelled loans after the program closed will be transferred to the state appropriated Homeownership Assistance Fund to be used for additional downpayment and closing cost assistance that targets First-Generation homebuyers. (Data as of March 31, 2025)
