 Step Up Purchase Price & Refinance Loan Limits Increasing
Purchase price and refinance loan amount limits for the Step Up loan program are increasing for Step Up loans closed on or after January 3, 2022. Program materials and Minnesota Housing's website will be updated on January 3 to reflect the changes.
| Location |
Property Type |
Step Up Purchase Price/Refinance Limit |
|
11-County Metro
|
One unit
|
$448,500
|
|
11-County Metro
|
Duplex
|
$574,150
|
|
All Other Counties
|
One unit
|
$420,680
|
|
All Other Counties
|
Duplex
|
$538,650
|
Minnesota Housing Holiday Closures
Minnesota Housing will be closed on Friday, December 31 for New Year's Day. Lenders will be unable to lock new loans between 5:00 p.m. on Thursday, December 30 and 10:00 a.m. on Monday, January 3.
Lender Trainings: 2022 Monthly Webinars
Join Minnesota Housing for our series of monthly training webinars. The trainings will lay out the basics of our Start Up, Step Up, or Downpayment and Closing Cost Loans, how they work, what eligibility criteria is required and review how to access tools and resources to help you successfully originate loans. These instructor led trainings provide a great opportunity to ask questions. We look forward to partnering with you!
The webinars take place on Thursdays from 9:00 - 10:30 a.m. CST. Please click the links below to register for trainings taking place during the first quarter of 2022:
New Series Sign-up: Monthly Underwriter Call
Join us in 2022 for monthly calls to review recent Minnesota Housing updates and important information to help you originate and process our loans.
Even if you registered for the monthly calls previously, you have to sign-up again to access the next series. Please click here to register.
When you register, you will be signed up for all sessions in the series but can attend the sessions that work for you. Calls occur on the second Thursday of the month from 9:00 a.m. - 10:00 a.m. CST.
2022 Schedule:
- Thursday, January 13
- Thursday, February 10
- Thursday, March 10
- Thursday, April 14
- Thursday, May 12
- Thursday, June 9
- Thursday, July 14
- Thursday, August 11
- Thursday, September 8
- Thursday, October 13
- Thursday, November 10
- Thursday, December 8
Reminder: Virtual Currency Updates & Revised Forms
We made updates to clarify how to treat virtual currency with the Start Up Eligibility Income calculation and Deferred Payment Loan post-closing liquid asset calculation.
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Start Up Eligibility Income Calculation: Include income received in virtual currency as well as gains from selling virtual currency. See the updated Start Up Eligibility Income Worksheet.
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Deferred Payment Loan/DPL Plus Asset Limit: Include the value of virtual currency accounts in the post-closing liquid assets calculation.
Forms Updates:
We updated the Start Up Borrower Affidavit, Start Up Eligibility Income Worksheet, Start Up Disclosure Summary, and Downpayment and Closing Cost Loan Comparison Chart to incorporate virtual currency language. On the Start Up Borrower Affidavit, virtual currency has been added to the list of income sources. The updated Borrower Affidavit (version date 12.02.2021) may be used immediately and must be used for loans closed on or after January 3, 2022.
- If you generate forms in Minnesota Housing's loan commitment system, the updated Start Up Borrower Affidavit is already available.
- If you use your own system or a document management company to generate forms, we are working with your company's document management contact to update your forms.
eLearning Training Courses
Are you interested in learning more about Minnesota Housing loan programs, requirements, and how they work? The eLearning training courses are a great place to start. These self-paced training modules lay out the basics of the Start Up and Step Up programs, eligibility and income requirements, down payment and closing cost loans, and much more! To view a complete list of courses, visit the Homeownership Training page and select eLearning Courses.
Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.
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