Changes effective May 1
Changes effective May 1
Downpayment and Closing Cost Loan Program Changes Effective May 1

Because of the great work of lender partners like you, we are on pace to have one of the strongest homeownership production years in our history.
That unprecedented demand for single family mortgage loans and downpayment and closing cost assistance led us to implement updates to our programs. The changes below will help us sustain our important homebuyer resources throughout the year.
To learn more about the updates:
Several manuals, forms and marketing resources have been updated as a result of these changes. Please visit our website to ensure you are using current versions.
Update 1: New Maximum Downpayment and Closing Cost Loan Amounts
These new maximum loan amounts are effective for downpayment and closing cost loans committed on or after May 1, 2015.
Monthly Payment Loan (MPL): $7,500 maximum
  • Available with Start Up, Mortgage Credit Certificate and Step Up loans
Deferred Payment Loan (DPL): $6,000 maximum
  • Available with Start Up loans
Deferred Payment Loan Plus (DPL Plus): $7,500 maximum
  • Available with Start Up loans
Update 2: All Lenders Can Offer DPL Plus
We eliminated the DPL Plus lender application requirement to make sure borrowers can access DPL Plus from any of our lending partners. 
Effective May 1, all lenders can qualify Start Up borrowers for DPL Plus if they meet two or more of the following criteria:
  • Household size of four or more household members
  • Single head of household with minor dependent(s)
  • Front end housing ratio of 28% or more (calculated without DPA)
  • Household member with a disability
The Start Up Procedural Manual outlines revised DPL Plus requirements and lenders may use the DPL Plus Eligibility Worksheet as a resource to confirm eligibility.
To add DPL Plus to an existing Start Up borrower commitment on or after May 1, 2015, request a waiver from the Partner Solutions Team. Loans changing to DPL Plus on or after May 1, 2015 are subject to the new loan limits.  
Update 3: Increased Start Up, MCC and Monthly Payment Loan Income Limits
Income limits for Start Up, Mortgage Credit Certificate and Monthly Payment Loan will increase for loans committed on or after May 1, 2015. 
11-County Metro Area
  • 1-2 person household: $86,600
  • 3+ person household: $99,500
Rochester MSA (Dodge and Olmsted counties only)
  • 1-2 person household: $81,700
  • 3+ person household: $93,900
Balance of State
  • 1-2 person household: $77,400
  • 3+ person household: $89,000
Update 4: New Subsidy Recapture and Tennessen Warning Forms
As a result of the new income limits, you must use new Subsidy Recapture and Tennessen Warning forms for all loans committed on or after May 1, 2015:
You can access both versions of the Subsidy Recapture and Tennessen Warning on the website and in Forms Generator within the online commitment system.
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