Plus: Last day to complete anonymous lender survey!
Plus: Last day to complete anonymous lender survey!
Reminder: Income limits for Step Up with Monthly Payment Loan

Step Up Income Limits Clarification
In December we increased the Step Up income limits and eliminated household size requirements for the Step Up Loan Program. Step Up borrowers using the Monthly Payment Loan (MPL) must still meet the Monthly Payment Loan income limits.
Step Up income limits (use industry standard qualifying income):
  • 11-County Metro Area: $124,000
  • Rochester MSA: $124,000
  • All Other Counties: $110,600
Monthly Payment Loan income limits (use Minnesota Housing eligibility income):
  • 11-County Metro: $82,900 (1-2 persons); $95,335 (3+ persons)
  • Rochester MSA: $81,300 (1-2 persons); $93,495 (3+ persons)
  • All other counties: $73,900 (1-2 persons); $84,985 (3+ persons)
We updated Section 5.02 in the Step Up Manual to clarify Step Up income limits when used with the MPL.
Lender Survey Ends Today! 
What can we do better? What would help you do more Minnesota Housing business? Please take a few minutes to complete this anonymous surveythe deadline is today! 
Conventional Loan Product Description Clarifications
We updated the HFA Preferred™ and HFA Preferred Risk Sharing™ product descriptions to clarify the following:
  • The maximum seller contribution for conventional loans above 90% LTV is 3%.
  • The maximum seller contribution for conventional loans less than or equal to 90% LTV is 6%.
  • The maximum DTI on conventional loans is 45%.*
*Compensating factors may allow for up to 50% DTI with DU Approve/Eligible recommendation. DTI may not exceed 50%.
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 February trainings today:
Agency Closed on Presidents’ Day
Minnesota Housing will be closed on Monday, February 16 in observance of Presidents’ Day. Lenders will be unable to lock new loans between 5:00 p.m. on Friday, February 13 and 10:00 a.m. on Tuesday, February 17. 
Contact the Partner Solutions Team at 651.296.8215/800.710.8871, 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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