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Reminder: New Income Limits Effective June 3, 2024
The following 2024 income limits will be effective for loans locked on or after today, 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 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.
Hazard Insurance Mortgagee Instructions Update
We have added clarification to the Start Up | Step Up | Hazard Insurance Mortgagee Clause Instructions document around our mortgagee clause requirement for our Downpayment and Closing Cost Loans (DPA). Please note each Minnesota Housing DPA must have a separate mortgagee clause listed on the homeowners insurance policy.
Reminder: 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.
Reminder: 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.
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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