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New Income Limits Effective June 3, 2024
The following 2024 income limits will be effective for loans locked on or after June 3, 2024:
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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$117,200
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$111,800
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3+ Person
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$142,800
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$134,700
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$128,500
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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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$167,100
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First-Generation Homebuyer Loan Program (2nd mortgage available with Start Up) See Start Up Income limits above. The First-Generation Homebuyer Loan Program Loan is an available option for eligible Borrowers who meet the First-Generation Homebuyer Loan eligibility criteria.
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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$91,000
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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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$134,700
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$125,000
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8 Person
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$142,800
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$134,700
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$128,500
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The new income limits will be posted to our website and related documents will be updated on June 3, 2024.
*The 11-county Twin Cities Metro Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
Purchase Price Limits Still in Effect from January 2, 2024
Start Up Acquisition Cost and Step Up Purchase Price Limits: The limits posted in January 2024 remain in effect. These limits can be found on our website and Start Up | Step Up Program Descriptions.
Updated Subsidy Recapture Disclosure Statement and Tennessen Warning
The Subsidy Recapture Statement and Tennessen Warning has been updated to reflect the 2024 income limits. The updated form (dated 04.16.2024) must be used for loans locked on or after June 3, 2024.
- If you generate forms in Minnesota Housing's 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.
On June 3, 2024 the Forms Guide and Glossary will be updated to include the new Subsidy Recapture Statement and Tennessen Warning. The Forms Guide and Glossary will indicate which version of the form to use, based on the lock date.
First-Generation Homebuyer Loan Program Postcards Available
Please visit our Marketing Center to view and order the new First-Generation Homebuyer Loan Program postcards - available in English, Somali, Spanish and Hmong.
Reminder: Congratulations 2023 Top Producing Loan Officers!
On May 24, 2024 we sent an eNews announcing the 2023 Top Producing Loan Officers for Single Family homeownership loan programs. See the May 24, 2024 eNews for details.
Reminder: Start Up Procedural Manual Update - Marital Interest as Ownership Interest
On May 24, 2024 we sent an eNews announcing we revised the definition of ownership interest to include marital interest in real estate in section 4.05 and section 7.16 of the Start Up Procedural Manual, effective June 6, 2024.
Effective as of June 6, when determining borrower eligibility:
- For Start Up first-time homebuyer status, you need to factor in any marital interest in their primary residence within the last three years.
- For first-generation homebuyer status, you need to consider whether the potential first-generation homebuyer and their parents/guardians have ever had marital interest in a primary residence.
Reminder: Document Updates
On May 24, 2024 we sent an eNews announcing we updated several forms to align with the Start Up manual language effective June 6, 2024.
The following updated forms with version date 5.23.24 may be used for loans closed on or after June 6 and must be used for loans locked on or after June 6, 2024.
The following updated optional documents with version date 5.23.24 may be used for loans closed on or after June 6. The Forms Summary is not required but is recommended to share with borrower to help them understand the Minnesota Housing forms they will sign.
These updated forms will be available in the Forms Guide and Glossary on June 6. This will include a fillable version of the updated First-Generation Homebuyer Affidavit.
See the May 24 eNews for a summary of the changes to the First-Generation Homebuyer Affidavit.
Reminder: 2024 Conventional Income Limits for Lower Cost PMI
On May 24, 2024 we sent an eNews to inform lenders that on May 19, 2024, the Conventional 80% Area Median Income (AMI) qualifying income limits for Minnesota counties changed, which affects borrower eligibility for charter rate PMI.
Review your DU/LPA findings to determine whether your borrower is above or below 80% AMI.
For additional guidance on implementation specifics, see the following announcements:
Join Us at an Upcoming Event
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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 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.
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.
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:
- June 13
- July 11
- August 8
- September 12
- October 10
- November 14
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.
About Minnesota Housing
Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.
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