Ramsey County expands guidelines for homebuyer assistance program
New and more inclusive guidelines have been added to Ramsey County's homebuyer assistance program in an effort to expand affordable homeownership and improve housing stability throughout the county, as laid out in the Economic Competitiveness & Inclusion Plan. The FirstHome homebuyer assistance program will now assist both low-to-moderate income first-time homebuyers and first-generation homebuyers who are looking to call suburban Ramsey County home.
Expanded guidelines
- Increased home purchase price limit to $372,600.
- Max buyer contribution 1% of home purchase price.
- No limit on the amount of assets a buyer can have.
Eligible first-time homebuyers:
- May receive up to $20,000 for down payment or closing costs.
- 0% deferred loan interest, due upon sale.
- Must be at or below 80% Area Median Income (AMI), according to household size.
Eligible first-generation homebuyers:
- May receive up to $93,150 for down payment or closing costs.
- Max loan 25% of home purchase price.
- Loan interest forgiven at 5% per year for a 20-year period.
- Must be at or below 80% AMI with 1-3 household members.
- Must be at or below 100% AMI with 4 or more household members.
- Must sign a document stating they have never owned a home and their parents have never owned a home.
Learn more and apply to FirstHome
The changes and expansion of Ramsey County's FirstHome program are the result of a detailed evaluation by Community & Economic Development due to low utilization of the program. Funds for FirstHome are now being distributed from the Housing Redevelopment Authority (HRA) Levy to provide greater flexibility to better assist first-generation homebuyers and multi-generational households.