Want to purchase a home but are struggling to save enough money for the down payment your lender requires? Lake Region Bank is here to help! Learn about our new down payment loan program and how it can help first-generation home buyers purchase a home.
The First-Generation Homebuyer Loan Program
Lake Region Bank is proud to be a lending partner in the State of Minnesota’s First-Generation Homebuyer Loan Program. This statewide program helps eligible home buyers with their down payment and closing costs up to $35,000. There are no monthly payments required, and half of the loan is forgiven if you occupy the home for 10 years and the other half is forgiven after 20 years as long as you are still living there.
Down Payment Loan Eligibility
You may be eligible for a down payment loan if you or your parents have either never owned a home or previously owned a home but lost it due to foreclosure. The down payment loan must be done with a MN Housing First Time Homebuyer first mortgage. To take advantage of the down payment loan, you must agree to take a homebuyer education class and speak with an advisor.
What the Down Payment Loan Covers
Our down payment loan covers a home buyer’s down payment on their first home. The program requires home buyers to contribute $1,000 to the transaction, but the loan may cover the rest. Down payment loans may also be used to cover closing costs.
Is it finally time to make your dream of home ownership a reality? The Lake Region Bank home lending team is here to help! Reach out to Lake Region Bank today to learn more about our down payment loans and other home loan solutions.
