First Homes - First Homes Assists Homebuyers

First Homes assists homebuyers
First Homes offers homebuyers financial assistance to reduce monthly mortgage payments, making home ownership affordable to families on a limited budget. Families often are surprised to find monthly mortgage payments for new homes are comparable to what they were paying for apartments.

First Homes assistance is available to individuals and families who meet certain maximum and minimum income requirements based on family size.

Although the program's name is First Homes, previous or current homeowners can participate in the program.

Buyers must have a credit rating that allows them to qualify for a mortgage. A First Homes-certified lender will determine whether you qualify.

First Homes offers financial assistance, which is determined by need:

Community Land Trust (CLT): In this financing option, buyers purchase and receive a deed to the home and receive a 99-year, renewable lease to the lot on which their home is built. By not paying for the land, the homebuyer receives a benefit of up to $40,000, making the homes very affordable.

When the homeowner chooses to sell the home, First Homes Community Land Trust assists the homewoner in selling to another qualified buyer. Homeowners will receive all the equity they have earned and half the appreciation in value of the home. The remainder of the appreciation is used by First Homes CLT to help ensure a permanent supply of starter homes in the Rochester area.

First Homes-certified lenders can answer detailed questions about these financial assistance options. In addition to First Homes assistance, buyers may qualify for other programs that can reduce down payments, closing costs and monthly payments.

E-mail

Telephone

(507) 287-7117

Fax

(507) 282-4938

Mailing Address

400 South Broadway, Suite 300 Rochester, MN 55904

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