Federal Grant 0953 Enrollees

Enrollment in Grant 0953 is now closed.  Deposits to FAIM savings required by 2-28-2022 and clients are to contact their FAIM coach by March 19, 2022 to request final payout.  Coaches must submit payout request paperwork to FAIM Admin no later than 4-1-2022 for processing before the grant is closed.  If  a client is not proactive in successfully completing trainings and asset requirements, coaches will exit them without a payout (savings will be returned by the bank and the match funds will be forfeited back to the feds).

Grant 0953 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 12 hours of financial literacy training and 10 additional hours of asset-specific training along with the requirements of their chosen asset. 

State Grant enrollment is near capacity as of 9/22/2021

  • There are only about 60 slots available statewide in this 30-month grant.   
  • Openings will be filled in the order that applications are received, however, an incomplete application packet will NOT hold a spot in the program.  FAIM coach will be notified if an application packet is incomplete and it will go to the bottom of the pile.  Follow up is to be submitted within two weeks of the request.  If slots in the program fill before the follow up is provided to FAIM Admin, the coach will be notified to exit their client. 
  • Previous matched payouts completed for anyone in the household affect the applicant’s potential for match funds.

FAIM forms were updated and posted below spring 2021.  Dispose of electronic or hard copy versions of old forms and use current forms.

Enrollment Forms

Please note that Bremer Bank does 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