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Step Up Purchase Price & Refinance Loan Limits Increased
Purchase price and refinance loan amount limits for the Step Up loan program increased for Step Up loans locked on or after January 2, 2024. Our website and Start Up | Step Up Program Descriptions document have been updated to reflect the changes.
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Location
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Property Type
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Step Up Purchase Price/Refinance Limit
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11-County Metro
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One unit
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$515,200 (not changing)
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11-County Metro
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Duplex
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$659,550 (not changing)
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Balance of State
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One unit
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$498,257
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Balance of State
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Duplex
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$637,950
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State Child Tax Credit and Start Up Income Eligibility
Minnesota Housing programs exclude the new state child tax credit from the program eligibility income calculation. The Start Up Income Eligibility Worksheet has been updated to reflect this.
Minnesota Housing Closed for Dr. Martin Luther King Jr. Day
Minnesota Housing will be closed on Monday, January 15 for Dr. Martin Luther King Jr. Day. Lenders will be unable to lock new loans between 5 p.m. on Friday, January 12 and 10 a.m. on Tuesday, January 16.
Refinance with Step Up?
Yes! Your borrower can refinance with Minnesota Housing's Step Up program!
Eligible Loan Options:
- Refinance a Start Up or Step Up loan to a Step Up refinance loan.
- Subordination is permitted for the deferred payment or monthly payment second mortgage when the new first mortgage is a Minnesota Housing loan.
- Refinance a first mortgage from another institution to a Step Up loan.
- Monthly payment second mortgage up to $18,000 is available on a new refinance with Step Up.
- No cash out/limited cash out
- See U.S. Bank - HFA Division AllRegs for early payoff policy for first mortgage prepaid within 180 days after loan purchase.
For more information, review the Step Up Procedural Manual or reach out to the Partner Solutions Team.
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New Series Sign-up: 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 advance topics.
Even if you registered for the monthly calls in 2023, you have to sign-up again to access the next series for 2024. Please go here to register for the 2024 calls.
When you register, you will be signed up for all sessions in the series but can attend the sessions that work for you. Most calls occur on the second Thursday of the month from 9 a.m. - 10 a.m. Central time.
2024 Schedule:
- January 16 - held on the third Tuesday of the month
- February 8
- March 14
- April 11
- May 9
- June 13
- July 11
- August 8
- September 12
- October 10
- November 14
Monthly Training Webinars
Join Minnesota Housing for our monthly webinar series. These trainings lay out the basics of Start Up, Step Up, and our three Downpayment and Closing Cost loan options. These webinars also provide tips and best practices to help you successfully originate and close Minnesota Housing loans.
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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