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What financial assistance can First Homes provide?
The Community Activity Set Aside (CASA) program is a first time home buyer loan program that helps low to moderate income Minnesotans buy a home. The affordable, low, fixed interest rates are available to eligible home buyers through lenders participating in initiatives in several communities around the state. Home buyer education is required for all borrowers receiving a CASA loan.
You are eligible for this loan product if you:
- Are a first-time home buyer
- Have federal income tax return copies for the last 3 years
- Have acceptable credit
- Have an income at or below the First Homes' income limits
Along with the CASA Program, buyers can access the Homeownership Assistance Fund (HAF) which can provide $5,000 maximum to help borrowers with down payment or closing costs. This is an interest-free deferred loan that is repaid when you sell your property, refinance, transfer your property, when your property is no longer owner-occupied or when you've paid off your first mortgage.
You may also be eligible for a gap loan from First Homes if needed. This is a zero percent (0%) deferred loan. Gap loans are repaid when you sell your property, refinance, transfer your property, when your property is no longer owner-occupied or when you've paid off your first mortgage.
Contact First Homes for more information
