 Reminder: Increased Income Limits Effective July 3, 2023
The following 2023 income limits went into effect for loans locked on or after July 3, 2023:
Start Up Income Limits
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Household Size
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11-County Twin Cities Metro Area*
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Dodge and Olmsted Counties
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All Other Counties
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1-2 Person
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$124,200
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$118,000
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$111,700
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3+ Person
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$142,800
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$135,700
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$128,400
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Step Up Income Limits
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11-County Twin Cities Metro Area*
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Dodge and Olmsted Counties
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All Other Counties
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$185,700
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$185,700
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$167,000
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Monthly Payment Loan (2nd mortgage available with Start Up or Step Up)
No separate income limits for Monthly Payment Loan. See the Start Up and Step Up income limits above.
Deferred Payment Loan and Deferred Payment Loan Plus
(2nd mortgage available only with Start Up)
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Household Size
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11-County Twin Cities Metro Area*
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Dodge and Olmsted Counties
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All Other Counties
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1- 2 Person
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$89,000
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$89,000
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$80,000
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3 Person
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$101,000
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$101,000
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$90,000
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4 Person
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$112,000
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$112,000
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$101,000
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5 Person
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$121,000
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$121,000
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$109,000
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6 Person
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$130,000
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$130,000
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$117,000
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7 Person
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$139,000
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$135,700
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$125,000
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8 Person
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$142,800
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$135,700
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$128,400
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The new income limits are posted to our website and related documents have been updated.
*The 11-county Twin Cities Metro Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
Reminder: Purchase Price Limits Effective July 3, 2023
Start Up Acquisition Cost and Step Up Purchase Price Limits
**NEW: Start Up now differentiates between one and two units.
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One Unit
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Two Unit
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11-County Metro
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$515,200
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$659,550
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All Other Counties
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$472,030
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$604,400
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Conventional Loan Product Training with Fannie Mae and Freddie Mac- July 18
In this training we will have representatives from our GSE partners, Fannie Mae and Freddie Mac, share about the benefits of working with Minnesota Housing HFA conventional loan products. We will review mortgage insurance coverage, eligible property types, in addition to providing resources, tools, and tips to help successfully originate loans.
Subsidy Recapture Disclosure Statement and
Tennessen Warning
The Subsidy Recapture Statement and Tennessen Warning has been updated to reflect the 2023 income limits. The updated form (dated 07.03.2023) must be used for loans locked on or after July 3, 2023.
- If you generate forms in Minnesota Housing's loan commitment system, the system will automatically select the correct form based on the lock date.
- If you use your own system or a document management company, we worked with your company's document management contact to update your forms.
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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