 2023 Conventional Income Limits for Lower Cost PMI
On June 8, 2023 the Conventional 80% Area Median Income (AMI) qualifying income limits for all Minnesota counties changed. Borrowers with loan qualifying income under 80% AMI are eligible for charter rate MI. For details on charter rate coverage see the Fannie Mae HFA PreferredTM and Freddie Mac HFA Advantage® product descriptions.
Review your DU/LPA findings (or use the Conventional Income Limits for Lower Cost PMI document) to determine whether your borrower is above or below 80% AMI.
No impact on loan pricing:
As a reminder, these conventional AMI limits no longer impact loan pricing.
For additional guidance, see the following announcements:
Register Today: Navigating Conventional Loans Training on June 15
This training will help you to understand key features of Minnesota Housing’s exclusive conventional loan products, recognize the differences in the conventional products, discuss mortgage insurance coverage, and review how to use the Program Eligibility Income Worksheet to calculate eligibility income for the Start Up program.
Closing and Loan Delivery Essentials Recorded Training
If you missed the May 18 joint webinar with U.S. Bank and Minnesota Housing on the Top 15 Deficiencies and how to avoid them, view the U.S. Bank Closing and Loan Delivery Essentials recorded training. Or find the recorded webinar on our Training Page
Limited Operations on Juneteenth
Minnesota Housing will have limited operations on Monday, June 19 in honor of Juneteenth. Minnesota Housing’s loan commitment system will be unavailable for new loan locks on Monday, June 19. Minnesota Housing will extend loans expiring on June 19 until June 20 if needed.
If you need assistance, please consult the Minnesota Housing website (Partner Portal) or contact the Partner Solutions Team at mnhousing.solution@state.mn.us or 651.296.8215. A Partner Solutions Team member will connect with you on June 20.
Approved Homebuyer Education Courses
If all borrowers in the household are first-time homebuyers, at least one must complete a homebuyer education course before closing for Start Up and Step Up.
The approved homebuyer education courses are:
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Join Us at an Upcoming Event
We partner with lenders and real estate professionals at community events throughout the state to provide information, resources, and unique opportunities to connect and empower Minnesotans to succeed in their housing goals.
Contact El Karnwie-Tuah to learn more about partnering with us at these or other upcoming events, or come and check out our booth!
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Monthly Update & Hot Topics Call
The Monthly Update & Hot Topics Call is open for everyone to attend, not just underwriters. During these calls we review recent Minnesota Housing updates and important information to help you originate and process our loans. Lenders are welcome to submit questions or topics to discuss on the call. This is a great venue to have more in-depth discussion on advanced topics.
Please go here to register for the upcoming calls.
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 a.m. - 10 a.m. Central time.
Upcoming Sessions:
- Thursday, July 13
- Thursday, August 10
- Thursday, September 14
- Thursday, October 12
- Thursday, November 9
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 a.m. and 5 p.m. on business days.
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