First-generation homeownership program

First-generation homeownership program is a forgivable loan for homebuyers in St. Louis Park, Minnesota. St. Louis Park first-generation forgivable DPA. Up to $30,000 0% (5-yr forgiveness). Income up to 80% AMI ($58,650-$89,400). 640 FICO. FTHB + first-generation buyer required. The City of St. Louis Park First-Generation Homeownership Program provides up to $30,000 in deferred forgivable down payment and closing-cost assistance to first-generation first-time homebuyers purchasing a primary residence within the City of St. Louis Park, Minnesota. Funded through St. Louis Park Housing Authority levy, ARPA, and local foundation contributions, the assistance is structured as a 0% interest deferred forgivable loan, forgiven over a 5-year compliance period so long as the borrower maintains owner-occupancy. Income up to 80% AMI Minneapolis-St. Paul MSA: $58,650 (1-person) up to $89,400 (4+ person). Funding comes from Local Government, HOME, CDBG, ARPA, and Foundation.

First-generation homeownership program is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 0% interest forgivable loan, forgiven over 5-year compliance period. Sale, refinance with cash-out, transfer of title, or non-owner-occupancy during compliance period triggers proportional repayment. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

First-generation homeownership program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB requirement may be waived for qualifying veterans. On credit, the program states: 640 minimum FICO per first-mortgage product overlay. A homebuyer education course is required, through NeighborWorks Home Partners (HUD-approved) - pre-purchase 8-hour homebuyer education and one-on-one counseling required, including first-generation homebuyer-specific curriculum. Residency requirement: Property must be in City of St. Louis Park, MN. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. RESTRICTED TO FIRST-GENERATION HOMEBUYERS - defined as: (a) buyer's parents/legal guardians have never owned a primary residence in the United States, OR (b) parents/legal guardians lost a home to foreclosure or short sale, OR (c) buyer was in foster care at age 13 or older. First-time homebuyer required (no ownership of a primary residence in the prior 3 years). Property must be in City of St. Louis Park, MN. Income at or below 80% AMI Minneapolis-St. Paul MSA: $58,650 (1-person) - $89,400 (4+ person). Must complete NeighborWorks Home Partners homebuyer education, including first-generation-specific curriculum. $1,000 minimum borrower contribution. 5-year owner-occupancy compliance period.

First-generation homeownership program limits household income to 80% of the area median income, which varies by county and household size. 80% AMI Minneapolis-St. Paul MSA: $58,650 (1-person) up to $89,400 (4+ person). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

First-generation homeownership program caps the purchase price as follows: Per MN Housing Start Up Twin Cities-area purchase price limits ($604,400-$659,550). Eligible property types include Single-family detached, condominium (project-approved), townhouse, PUD, 1-2 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

First-generation homeownership program serves homebuyers purchasing in St. Louis Park, Minnesota.

Applications for First-generation homeownership program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via St. Louis Park Housing Division. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.