New HOME HELP Income Limits Effective May 1
Plus: Reminders and New Training 

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.

HOME HELP Income Limits Effective May 1, 2014
Start Up loans with a HOME HELP downpayment assistance loan committed on or after May 1, 2014 must use the new income limits set by the U.S. Department of Housing and Urban Development (HUD). 
Loan Calculator
The HOME HELP Loan Calculator is updated with the correct income limits based on the loan commitment date. A copy of the HOME HELP Loan calculator must accompany the HOME HELP Commitment Request. Please review the HOME HELP Commitment Request for more detail.
Eligibility Income
The HOME HELP program income calculation differs from Start Up and requires the income of all members of the household, age 18 or older, who will live in the property after closing to be calculated.  Lenders must use the HOME HELP Income Eligibility Calculation Worksheet to show the income for all household members over 18.
HOME HELP Housing Ratio
The HOME HELP Calculator determines a borrower’s housing ratio. Borrowers with a housing ratio below 20% will receive an “ineligible” message in the calculator. Lenders can request a waiver to the 20% housing ratio requirement by contacting HOME HELP staff.     
HOME HELP Contacts 
Emily Strong: 651-296-3631 
Joe Baldeshwiler: 651-296-9812
Reminder: Increased Deferred Payment Loan (DPL) Amount and Income Limits
Effective for current and new commitments as of April 1, 2014, the maximum loan amount and income limits available under the interest-free DPL are increased to the following:
  • Maximum loan amount: Up to the greater of $5,000 or 5% of the purchase price ($7,500 loan maximum).
  • Maximum income limits:
    • Eleven-county Twin Cities Metropolitan Area and Rochester MSA: $60,000
    • Greater Minnesota: $55,000
Visit the Income Limits page for households of 5 or more.
HDS Training
Minnesota Housing staff will host an upcoming training for HDS, our online commitment system. Lending partners are encouraged to invite staff members to attend the training who work with the HDS system to:
  • Commit (lock) loans
  • Print confirmations
  • Alter or cancel existing commitments
  • Produce Minnesota Housing specific documents
  • Fund (compliance) approve loans
The training is available via Webinar on May 9 from 9:30–11:30 a.m.
Space is limited. Register now.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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