First Homes Properties (an initiative of Rochester Area Foundation)

First Homes CLT Gap Loan (Down Payment & Closing Cost Assistance)

Up to $10,000 toward a down payment in MN.

Location: MN
Type: Deferred loan
Max assistance: $10,000
Income limit: $100,500
First-time buyer: Required
Property types: Single family, Townhouse, Condo

The First Homes Gap Loan provides 0% interest deferred down payment and closing-cost assistance exclusively to first-time buyers purchasing a home in the First Homes Community Land Trust. Gap loans are up to $10,000 for new construction and up to $5,000 for existing CLT homes, deferred up to 30 years (contiguous with the first mortgage) and due on sale, transfer, refinance, first-mortgage payoff, or loss of owner-occupancy. Borrowers contribute at least $500; a $400 processing fee is paid at closing.

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Short reads on how it works, in plain language. Free, no sign-up needed to read.

Free course from Hey Prescott

First Homes CLT Gap Loan (Down Payment & Closing Cost Assistance), explained

A short, free course on First Homes CLT Gap Loan (Down Payment & Closing Cost Assistance): what it is, who it is for, when it is repaid, where it applies and how to apply. Based on program data from July 2026. About ten minutes.

5 modules · About 10 minutes

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Program details are sourced from public agency data and may change. Confirm eligibility with a Hey Prescott loan officer before applying.