Unlock Up to $35,000! First Generation Home Buyer Program Explained

Join Nathan Raich, the VP of Production and Division President of Luminate Home Loans, and President of Refined Lending Division (NMLS 224046), as he explains the First Generation Home Buyer Program that offers up to $35,000 in forgivable funds.

What is the First-Generation Homebuyer Loan?
The first-generation homebuyer loan is a deferred, interest-free, and forgivable loan. Half of the loan is forgiven after 10 years, and the rest is forgiven after 20 years. To qualify for forgiveness, you must reside in the home through the forgiveness date and meet all the terms of the note.

Eligibility Requirements:
Income limits
Credit score minimums
Completion of a homebuyer education course

The loan balance becomes due immediately if the property converts to non-owner-occupancy, or if you sell or refinance the home. You must have a Start Up First Mortgage loan to buy your home to use the First-Generation Homebuyer Loan Program. The loan can cover a variety of expenses, including downpayment and closing costs.

Additionally, you may combine this program with one of MN Housing’s standard downpayment and closing cost loan programs. If eligible, you may qualify for up to $53,000 in loans for downpayment and closing cost assistance.

Who is a First-Generation Homebuyer?
You may qualify as a first-generation homebuyer if you and your parent(s) or legal guardian(s):

Have never owned their primary residence (in any country)
OR
Owned a home but lost it due to foreclosure
If you are unsure if your parent or legal guardian owned a home or lost it due to foreclosure, you may still be eligible for the program.

Visit Refined Lending for full details and to apply.

Don’t miss this opportunity to make your homeownership dreams come true with up to $35,000 in forgivable funds! Subscribe for more updates and share this video with others who might benefit from this incredible program.