Step Up Income Limits Increase Today

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.
You can order updated marketing materials that reflect the new income limits on our website.
Please note: There are no changes to Start Up, Mortgage Credit Certificate, Monthly Payment Loan or Deferred Payment Loan income limits
Upcoming Trainings
Trainings are not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Register for our December trainings today:
Questions?
Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871, Monday-Friday from 7:30 a.m.-5:00 p.m.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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