Step Up Income Limit Increase Effective Today
The Step Up loan program is now available to even more Minnesotans! We increased the Step Up income limits and eliminated household size requirements for loans closed on or after December 1, 2014. Starting today, you can commit new loans in the system under the new income limits.
- 11-County Metro Area: $124,000
- Rochester MSA: $124,000
- All Other Counties: $110,600
Step Up uses industry standard qualifying income, not the eligibility income calculation used for Start Up and the Mortgage Credit Certificate. Step Up borrowers using the Monthly Payment Loan must still meet the Monthly Payment Loan income limits, which are lower.
For current commitments, if the borrower’s income increases over the old income limits on or after December 1, simply update the commitment system to reflect the updated income calculation.
Please note: There are no changes to Start Up, Mortgage Credit Certificate, Monthly Payment Loan or Deferred Payment Loan income limits.