Eligible residents in Minnesota will receive a new payment of up to $35,000 if they meet the two criteria under a new program.
$35,000 New Payment
Homelessness is one of the problems in the country today. To address this, there are several programs being offered by the different states to their residents. In Minnesota, the first-generation buyers of homes will receive an amount of up to $35,000.
In a published article in The U.S. Sun, the Gropher’s State’s housing agency will offer a loan to people whose parents do not own homes. The loan is interest-free as part of the First-Generation Homebuyer Loan Program. Additionally, half of the loan will be forgiven after 10 years, while the rest will be erased after 20 years.
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Criteria for the New Payment
According to an article published in Minnesota Housing, the loans will be available to the following:
- Those whose parents or guardians never owned a home or who owned a home in the past but lost it to foreclosure.
- Those who are unaware of whether or not their parents ever owned a home “may still be eligible.”
Furthermore, the money from the program can be used and utilized in different forms, like downpayments and closing costs. There is also another program that offers the same to the residents of Minnesota.
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