FAIM enrollment in the State 2083 grant was opened on March 9, 2021. 

  • Forms have been updated for the new grant and posted on this website.  Dispose of any electronic or hard copy versions of old forms and use the current versions.
  • There are only about 60-70 slots available statewide.  Openings will be filled in the order that complete applications are received.  Submitting an incomplete application packet to FAIM Admin will NOT hold a spot in the program for the client.  FAIM coach will be notified if an application packet is incomplete and it will go to the bottom of the pile.  If slots in the program fill, you will be required to exit the client. 
  • Previous matched payouts completed for anyone in the household that has been enrolled will affect applicant’s eligibility for match.
  • FAIM enrollees may request final payout upon reaching the minimum enrollment requirement of 6 months + 1 day from date of first deposit – IF – he/she has:  met their savings goal, successfully completed the Financial Literacy training hours and the additional asset-specific training hours and the requirements of their chosen asset.

Grant 0953 Enrollees

Education Asset – the final term for enrollees to use FAIM funds will be Spring 2021 – NO EXCEPTIONS!  Please contact these clients before the end of March to see if they have a current billing that may be eligible for payout.  Student must provide a copy of their class list, tentative itemized term billing and bookstore charge receipts (if applicable).  If the enrollee will not be requesting a payout, please complete the exit paperwork and send to FAIM Admin by 4/2/2021.

Home Purchase or Business Asset – enrollees must contact their local coach to request final payout and provide supporting documents by May 21st so the coach can submit final payout requests to FAIM Admin no later than 5/28/2021. 

  • Principal reduction payouts must be requested by May 7, 2021, due to FAIM requiring a follow up mortgage statement to document program funds were applied properly by the lender.  
  • Home closing must take place no later than June 18, 2021.  Final copy of signed closing documents must be provided by coach to FAIM Admin within 7 days.

Final payout request paperwork must be submitted by local coach to FAIM Admin by May 28, 2021, for processing.  All payout follow up documentation and/or Exit paperwork is due to FAIM Admin by June 18, 2021.    

 

Enrollment Forms

Please note – Bremer Bank will NOT accept electronic signatures on any forms sent to them, client and coach must physically sign.

Payout Request Forms

Business Asset

Education Asset

Home Purchase Asset

  • Loan Estimate – send with payout request forms
  • Closing Disclosure (CD) – send final, signed copy after closing date or if doing a principal reduction payout
  • Current Mortgage Statement – send with copy of final CD if doing a principal reduction payout.  Another copy is required within 30 days of the payout to document that the FAIM payment was applied to principal only.
  • Household Budget Estimate Form – located in Financial Training/Assessment Tools section
  • Mortgage Qualifier Form

Vehicle Purchase Asset – in process, stay tuned

  • Household Budget Estimate Form – in Financial Training/Assessment Tools section.  Participant’s budget must support cost of vehicle ownership
  • FAIM – Guidelines for Vehicle Purchase Asset Track March 2021
  • FAIM – Purchase Agreement – Private Party March 2021– send with payout request
  • FAIM – Used Vehicle Inspection Form March 2021  – send with payout request
  • Letter of Guarantee – to dealership/seller may be requested from FAIM Admin, if needed
  • Required with payout: 
    • Copy of signed Purchase Agreement – another copy required after payout to show FAIM funds were applied
    • Copy of vehicle title (both sides) and lien release card (if applicable) – another copy required after payout to document title transfer
    • Copy of Vehicle Inspection Report (with passing grade)
    • Proof of FAIM participant’s valid MN driver’s license
    • Proof of valid vehicle insurance
    • Vehicle value from kbb.com or nadaguides.com – purchase price must fall between the retail and private party values.

Exit Forms

Program Forms

Financial Training / Assessment Tools