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HOME$TART DOWN PAYMENT ASSISTANCE
Turning Renters into Homeowners,
One Step at a Time
Homeownership might feel out of reach—but it doesn’t have to be. Profinium proudly partners with the Minnesota Housing Finance Agency to offer Home$TART, a program designed to help low-to-moderate-income households make the leap into homeownership with financial support for down payments and closing costs.
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Down Payment Help
Receive up to $15,000 in grant funds to assist with your down payment and closing costs.
Designed for First-Time Buyers
Created to support individuals and families who haven’t owned a home in the last three years.
Powered by Local & Federal Partnerships
Offered through the Federal Home Loan Bank of Des Moines and administered by Minnesota Housing.
Who Qualifies
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Income Limits: Total household income must be at or below 80% of the area median income (see HUD limits below).
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First-Time Homebuyer Requirement: At least one borrower must be a first-time homebuyer. All first-time buyers must complete an approved financial literacy counseling course before closing.
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Primary Residence: The home must be a 1–4 unit, owner-occupied property used as the household’s primary residence.
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Grant Retention: Buyers must remain in the home for at least five years to avoid repaying a portion of the grant.
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Purchase Price Limits: Visit FHLB Des Moines Income & Purchase Price Limits for current purchase price maximums.
Additional requirements may apply. Connect with one of our Mortgage Lenders to see if you qualify.
2024 Income Limits
(HUD 80% for Minnesota)
| Household Size | Max Income |
|---|---|
| 1 | $62,650 |
| 2 | $71,600 |
| 3 | $80,550 |
| 4 | $89,450 |
| 5 | $96,650 |
| 6 | $103,800 |
| 7 | $110,950 |
| 8 | $118,100 |
Home$tart Program FAQs
What is Home$tart and how much grant money may I receive through Home$tart?
Home$tart® is a down payment and closing cost assistance program offered by FHLB Des Moines to qualifying first time home buyers through member financial institutions.
Home$tart participants may receive up to $15,000 in grant funds.
Who can qualify for a Home$tart grant?
The Home$tart program is available to qualifying first time home buyers earning up to 80 percent of area median income for the location of the residence being purchased. Income limits are adjusted based on household size.
Home$tart recipients must also:
- Complete a home buyer education class
- Qualify for mortgage financing with their lender
You must have a signed Purchase and Sale Agreement to enroll in Home$tart.
Are there any restrictions on the type of home I may purchase and are there restrictions on how the grant may be used?
Home$tart grants may be used to purchase single-family homes, manufactured homes, condominiums and other types of residences. The home you purchase must be used for your primary residence. There are no neighborhood restrictions (i.e., type or location).
Home$tart grants may be used for down payment and closing costs for purchase of a home.
What happens if I sell my house?
If your home is purchased with Home$tart assistance, it is subject to a five-year deed restriction requiring that you return a portion of the grant if you sell your home within five years. This amount will be prorated based on the length of time you own the home, and the funds will be taken from your sale proceeds. If you sell your home at a net loss or to another low- or moderate-income home buyer or if you lose your home through foreclosure, the prorata amount owed on your grant will be forgiven; in these cases, your title company should contact FHLB Des Moines to request a forgiveness review. However, if you live in the home for at least five years, you never have to repay the grant. It’s all yours!
How do I enroll in Home$tart?
You can enroll through Profinium, as Profinium is a member of FHLB Des Moines and participates in the Home$tart program. Your lender will qualify you for Home$tart and explain the program in greater detail.