Income Limit and Acquisition Cost Limit Changes
Plus, Updated Forms and Lender Input

Questions?
Partner Solutions Team:
mnhousing.solution@state.mn.us or 651.296.8215/800.710.8871
Monday-Friday
7:30 a.m.-5:00 p.m.
Twin Cities Metro Area Income Limit Changes
A decrease in the maximum allowable income limits for the 11-county Twin Cities Metropolitan Area is effective for new Start Up, Step Up, and MCC loan commitments made on and after May 19, 2014.
The new limits are:
  • 1-2 person household: $82,900
  • 3+ person household: $95,335
The change is a result of IRS requirements. The income limits for Greater Minnesota and the Rochester MSA are unchanged.
Contact the Partner Solutions Team if you have a transaction adversely impacted by these changes or need information on the previous income limits.
Statewide Acquisition Cost Limit Increase
We increased the maximum allowable acquisition cost limits for new Start Up, Step Up and MCC loan commitments made on or after May 21, 2014.
  • 11-county Twin Cities Metropolitan Area: $310,000
  • Rochester MSA and Greater Minnesota: $265,000
Updated Subsidy Recapture Forms and Assumption Limits
As a result of the income limit changes, use the updated subsidy recapture forms for new loans committed on or after May 19, 2014: Minnesota Housing assumption limits are also updated to comply with these changes.
Lender Satisfaction Survey Results and Next Steps
Thank you for taking the the 2014 Lender Satisfaction Survey. Your feedback helps us improve programs, processes, and service.
Key positive feedback
  • Excellent customer service
  • Programs have improved
  • Enjoy both online and in-person training options
Recent changes based on your feedback
  • We increased income limits and loan amounts (up to the greater of $5,000 or 5% of purchase price) for the Deferred Payment Loan.
  • We're offering new and revised training options, including Minnesota Housing 101, Process and Documents, Loan Commitment System and Title company training.
  • Term Sheets are now called Program Descriptions and Product Descriptions. They are all available on our Manuals, Forms, and Resources Page, along with a new loan programs overview document.
  • The Contact Sheet is a “Who to Call” list with Minnesota Housing and U.S. Bank Home Mortgage, MRBP Division contact information.
Next Steps
We are working on two initiatives to streamline and enhance home mortgage programs:
  • A review of the downpayment and closing cost loan options available for the HFA Preferred Risk Sharing™ product.
  • A redesign of the Partner Solutions Team phone tree to improve business partner communication.
If you have additional feedback, please contact our Partner Solutions Team.  
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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