Home purchase targets persons who are first-time homeowners.  For FAIM program purposes, a first time homeowner is a person who has not owned a principal residence for a period of 3 years.  To prepare homebuyers, a ten-hour homebuyer education class is required.

Eligibility for FAIM
Participants must:

  • Be at least 18 years of age

  • Have earned income at the time of enrollment

  • Be a resident of Minnesota at time of participation in FAIM

  • Have assets of $10,000 or less

  • Deposit savings from earned income

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

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