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The Arrowhead Economic Opportunity Agency offers a Homeownership Assistance program that promotes homeownership with down payment assistance and closing cost loans to qualified first-time buyers.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

The Arrowhead Economic Opportunity Agency Homebuyer Assistance

With funds provided by The Northeast Minnesota HOME Consortium, the Arrowhead Economic Opportunity Agency (AEOA) offers a Homeownership Assistance program. It promotes and encourages homeownership with down payment assistance and closing cost loans to qualified first-time buyers.

Available Assistance
The Homeownership Assistance program aims to help families overcome the hurdle of upfront costs such as down payment and closing costs. Qualified families will be able to purchase homes anywhere in St. Louis (except Duluth), Lake, or Cook Counties. Education counseling and financial assistance are available through AEOA.

Eligibility Requirements
All applicants must be first-time homebuyers who have not owned a home in the previous three years. They must complete the Homestretch Workshop as well as one-on-one counseling to qualify for assistance. Homebuyers must be able to contribute a minimum of $1,000 towards the purchase price of the home, which must pass the minimum Housing Quality Standards Inspection. Applicants must also fall within the program's set income limit, 80% of the area median income for the specific county.

Income Limits
St. Louis, Lake, and Cook counties
1-person household: $40,550
2-person household: $46,350
3-person household: $52,150
4-person household: $57,900
5-person household: $62,550
6-person household: $67,200
7-person household: $71,800
8-person household: $76,450

Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.

First-Time Home Buyer Programs in Minnesota

The Arrowhead Economic Opportunity Agency offers a Homeownership Assistance program that promotes homeownership with down payment assistance and closing cost loans to qualified first-time buyers.

The Minnesota Housing Start Up loan program gives first-time homebuyers a more affordable option to purchase their first home, with competitive interest rates, as well as down payment assistance.

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First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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