Home Asset

The home purchase track targets persons who are first-time homeowners.  To be considered a first-time homebuyer by program standards, the FAIM applicant and/or their spouse may not have owned a principal residence within the previous three (3) years.  To prepare participants for the home purchase, a 10-hour homebuyer education class is required.

To be eligible for FAIM, participants must:

  • Be at least 18 years of age

  • Be a resident of Minnesota (at time of enrollment and exit from FAIM)

  • Be a US citizen or eligible non-citizen

  • Have earned income to deposit into savings monthly

  • Have total assets of less than $10,000

  • Have combined household gross income at or below 200% of poverty (see below)

Participant’s income and assets may increase after enrollment into the FAIM program.

2020 Federal Poverty Guideline