| 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) |
