Minnesota Housing’s first time home buyer program came out with some changes effective July 2nd. They increased income limits for their step up, start up and down payment programs. This may allow some people to buy sooner than they expected if they need an assistance program.
Income limits for the Start Up program will be $94,300 for a 1-2 person household, $108,400 for 3+ in the 11 county Twin Cities metro area. Most counties outstate are at $84,200 for 1-2 person, $96,800 for 3+. If you are in Dodge or Omsted County, the limits are $90,500 and $104,000.
The Step Up program is at $141,000 for the 11 county Twin Cities metro area. For Dodge and Olmsted county, it’s also at $141,000. All other counties are at $125,900. This program allows you to get down payment assistance if you have owned a home in the last three years. It also will allow you to use the monthly payment assistance program if you are over the Step Up income limits and have never owned a home.
The Deferred Payment loan limits have also increased. It varies by area and household size. If you have a 1-2 person household, in the metro area, the limit is $68,000. For 3+, it is now up to $76,000. There is a chart that will be on the MN Housing website on July 2nd. Their website is www.mnhousing.gov.
The maximum acquisition cost is also going up. For all loans locked on or after July 2nd, the new purchase price limit is $328,200 in the 11 county metro area. All other counties are limited to $271,100.
If you need more information on these programs, feel free to call me or look on the website. This can help you get into a home sooner than you expected if you need assistance with your down payment.
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website
