Income Limits Increase for Minnesota Mortgage Program (MMP)

March 3, 2010

Minnesota Housing Alert February 25, 2010

Income Limits Increase for Minnesota Mortgage Program (MMP)

Minnesota Housing is temporarily (up to 12 months) increasing the MMP income limits to stimulate real estate markets across the state and fully utilize funding enabled by the Federal New Issue Bond Program.  Please note program income limits will change during the 12 month period, when market conditions and funding levels warrant.

The following income limits apply to all MMP loans purchase approved on the HDS SF Web Application on or after Monday, March 1, 2010:

Area 1-4 Person Household 5 Person Household 6+ Person Household
11 County Twin Cities Metro* $83,900 $90,700 $96,400
Rochester MSA** $77,800 $84,100 $89,400
Balance of State $72,900 $78,800 $83,800

* The 11 county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.

**Includes Dodge and Olmsted counties

The income limit increase does not apply to the following programs: Community Activity Set Aside (CASA) and HOME HELP.

MMP provides access to a maximum of $3,000 in entry cost assistance for the following Targeted Borrowers:

  • Single Headed Households
  • Households of Color or Hispanic Ethnicity
  • Households Containing an Individual with a Disability
  • Households Purchasing a Home in a Low Income Census Tract
  • Households earning 60% or Less of Area Median Income

Link to MMP Entry Cost Assistance Income Limits

Questions?

Single Family Division Help Desk

651.296.8215 or 800.710.8871

7:30 a.m. – 5:00 p.m. (business days)

Minnesota Housing
400 Sibley Street, Suite 300 | Saint Paul, MN 55101
http://www.mnhousing.gov/contact/enews/ | 651.296.7608 or 1.800.657.3769 | mn.housing@state.mn.us
 

Possibly Related:

  1. Minnesota Housing – Announcing 3.750% rate for Minnesota Mortgage Program (MMP)

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