When determined eligible for the FAIM program, each participant is required to:
- Schedule a meeting with a FAIM coach to complete application process.
- Take appropriate paperwork to Bremer Bank and open a FAIM savings account.
- Schedule a meeting with a FAIM coach to create an Economic Empowerment Plan.
- Make monthly deposits of $40 into FAIM account (monthly deposits must be made to receive match funds).
- Complete a minimum of 12 hours of financial management classes (must complete within the first 6 months of being in the program).
- Complete a minimum of 10 hours of asset specific training.
- Meet with a FAIM coach on a monthly basis to track goal attainment.
Participants earn a match rate of $3 for every $1 that they save for up to $480/year, averaging $40/month, over 2 years (Maximum $960).
|Federal & State Match||$1,440||+||$1,440||=||$2,880|
FAIM money may be used towards one of three assets:
- For the purpose of the FAIM program, a first time homeowner is a person who has not owned a principal residence for a period of at least 3 years.
- FAIM money may be used towards a down payment, closing costs or applied to the principle balance of a mortgage if the down payment is less than expected.
- Mobile homes that are not attached to the land owned by the homebuyer are NOT allowed.
- Contract for deeds are NOT allowed.
- As a first time homebuyer in FAIM, you should get pre-qualified early in the program so you have a plan to fix any credit issues, seek mortgage financing, and attend the required Homestretch Workshop.
- You must complete financial literacy classes as well as the Homestretch Workshop before any money can be used.
- The FAIM program may be used for higher education at an accredited 2 year or 4 year institution. May be used for current tuition, books, supplies, and other necessary purchases to complete coursework.
- FAIM funds should NOT reduce the financial aid package or scholarships.
- You must complete financial literacy classes as well as an education plan before any money can be used.
- The FAIM program can be used to begin a new business or expand an existing small business.
- Business expenses such as rent, childcare, etc. CANNOT be paid by FAIM.
- Three bids are required for remodeling projects related to the business plan.
- You must complete financial literacy classes as well as a small business class and have an approved business plan before any money can be used.
- The FAIM coaches shall determine the realistic possibilities of the venture and must approve the business plan.