Downpayment Assistance

Downpayment Assistance Available!

Three Rivers Community Action’s Gap Financing program helps eligible buyers in Southeastern Minnesota with downpayment and closing cost assistance. Buyers can qualify for up to $18,500 based on individual household need. Funds are in the form of 0% interest, deferred payment loans (no payment for 30 years or until you sell your home).

Requirements:

• The property must be located in one of the 20 counties of southeastern Minnesota.
• The program targets underserved households, including households of color or ethnic minorities.
• Buyers must be below 80% of the statewide median income, based on family size.
• Buyers must complete an eight-hour Home Stretch homebuyer education class.
• Buyers must be able to qualify for a first mortgage that meets program guidelines (long-term, fixed interest rate).
• Buyers must have a signed purchase agreement.
• Be a first-time homebuyer.
• See Program Guidelines for full list of terms and requirements.

The program is funded by Greater Minnesota Housing Fund and the Minnesota Housing Finance Agency through the Impact Fund. We are unable to do pre-approvals for Gap Financing. Funding is limited and cannot be guaranteed until all application materials are submitted and approved.