First Homes
Home Ownership Assistance
12 Elton Hills Dr NW, Rochester, MN, 55901
(507) 287-7117
http://www.firsthomes.org
Service Details
Description
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Additional Information
Assists individuals and families with home ownership, and providing funding for affordable housing projects.
Services include:
* List of lenders
* Homebuyer education classes
* Down payment assistance
Features
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Area Served by County
- Dodge County
- Fillmore County
- Goodhue County
- Mower County
- Olmsted County
- Wabasha County
- Winona County
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Specialization
- Family
- People with low income
Eligibility
Income limits apply
Application Instructions
Prospective home buyers meet with a representative and then are given a list of certified lenders.
Area Served
Rochester, Byron, Chatfield, Dover, Grand Meadow, Hayfield, Kasson, Pine Island, Plainview, Spring Valley, and St. Charles communities
Websites
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| Main | (507) 287-7117 |
Last Update
7/1/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
This provider does not offer other services or resources at this location.
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
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BH-3500.3400-250First Time Buyer Home Loans Definition
Programs that provide low interest down payment/closing costs loans and/or home purchase loans for people with low incomes who are purchasing a home or a condominium for the first time. These loan programs generally require that the property be used as a primary residence; allow lower down payments, assistance with closing costs and alternative credit; and often require participation in home buyer training classes.
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BH-3700.3000Homebuyer/Home Purchase Counseling Definition
Programs that help people who want to purchase a home evaluate their readiness for homeownership, shop for housing that meets their needs, resolve potential credit problems, analyze specific home purchase offers, obtain a mortgage loan with advantageous interest rates and an affordable monthly payment, and complete the paperwork to close the loan and complete the sale. Also included are programs that provide assistance for people who want to refinance a home.
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TB-3000.1500Community Land Trusts Definition
Housing development organizations that acquire and hold parcels of land, primarily for conveyance under long-term leases, but transfer ownership of structural improvements (residential and commercial buildings) on leased parcels as a way of creating and preserving affordable housing. The land leases are generally renewable and may be assignable to the heirs of the leaseholder, but have "limited equity" policies and formulas that restrict the resale price of the housing in order to maintain its long-term affordability. The trust may also retain a preemptive option to purchase improvements located on the land at a price determined by the formula. The objective of community land trusts is to provide homeownership opportunities for people who might otherwise be left out of the market and to preserve the long-term eligibility and accessibility of housing predominantly for very low income, low income and moderate income individuals and families.
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YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.
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YL-3300.6500Poverty Level Definition
People whose annual income is within the federal poverty level guidelines which vary according to family size and are revised annually.
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YM-2900.2000First Time Homeowners Definition
People who have purchased or are in the process of purchasing a home or condominium for the first time.