Minnesota Housing and Finance Agency  

The Minnesota Housing and Finance Agency (MHFA) is responsible for the support, development, and management, of affordable housing program initiatives and polices in Minnesota to reduce homelessness, increase homeownership and sustain our low-to-moderate income communities.

 

MHFA First-Time Homebuyer programs that fund home purchases are designed to offer affordable housing opportunities by providing safe mortgage funded programs and assistance to low-to-moderate income individuals.

 

MHFA assistance is delivered through local lenders. The programs fund the home purchases, but the home loans are originated and go through participating local lenders.

 

MHFA First-Time Homebuyer Loans (FTHB) – FTHB is anyone who has not owned a home in the past three years. MHFA first-time homebuyer benefits include 30 year below market fixed rate for the life of the loan, which means lower monthly mortgage payments. They also provide interest free deferred loan assistance, which helps with down payment and closing costs.

 

Single Family Homes Division
Income Limits

Homeownership Programs Eligibility Income Limits

The following income limits apply to the Minnesota Mortgage Program (MMP) for all loans purchase approved as of March 1, 2010:

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

The following income limits apply to the Community Activity Set-Aside (CASA) Program:

First-Time Homebuyer Down Payment and Closing Cost Assistance:Interest-free deferred loan through MHFA Homeownership Funds 

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1-4 Persons	$67,200	$62,300	$58,400
5 Person	$72,600	$67,300	$63,100
6 Person	$78,000	$72,300	$67,800
7 Person	$83,400	$77,300	$72,500
8 Person	$88,800	$82,300	$77,100
9 Person	$94,100	$87,300	$81,800
10 Person**	$99,500	$92,300	$86,500

 

HOME Homeowner Entry Loan Program (HELP) program

For HOME Homeowner Entry Loan Program (HELP) program income limits, click here.

Homeownership Assistance Fund (HAF)and Minnesota Urban and Rural Homesteading (State Funded) Program Income Limits

First Time Homebuyers who are qualified for one of the Minnesota Housing First-time homebuyer programs (Minnesota Mortgage Program, Community Activity Set Aside or Urban Indian Housing Program) can use the charts below to determine if they also qualify for the Homeownership Assistance Fund (HAF).




MMP Targeted Borrowers must meet the program income limits for first-time homebuyer programs to use the Homeownership Assistance Fund at or below the following household incomes:

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

Targeted borrowers are defined by meeting one or more the following criteria: single-headed household; household of color; households containing persons with a disability; purchase in a low-income census tract.
 

MMP Program Borrowers at or below the following household incomes representing 60% of Median Income qualify for HAF.  These limits also apply to the Minnesota Urban and Rural Homesteading (State Funded) Program.  Income limits are based on HUD median family income estimates and calculated at 60% of the greater of state or area median income:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1 Person	$35,300	$32,700	$30,700
2 Person	$40,400	$37,400	$35,100
3 Person	$45,400	$42,100	$39,500
4 Person	$50,400	$46,700	$43,800
5 Person	$54,500	$50,500	$47,400
6 Person	$58,500	$54,200	$50,900
7 Person	$62,500	$58,000	$54,400
8 Person	$66,600	$61,700	$57,900
9 Person	$70,600	$65,400	$61,400
10 Person**	$74,600	$69,200	$64,900

CASA Borrowers must meet the program income limits for first-time homebuyer programs to use the Homeownership Assistance Fund at or below the following household incomes:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1-4 Persons	$67,200	$62,300	$58,400
5 Person	$72,600	$67,300	$63,100
6 Person	$78,000	$72,300	$67,800
7 Person	$83,400	$77,300	$72,500
8 Person	$88,800	$82,300	$77,100
9 Person	$94,100	$87,300	$81,800
10 Person**	$99,500	$92,300	$86,500

 

Homeowner Entry Loan Program Home Help: Offered in partnership with the Federal Housing Adminsitration (FHA). Home Help assistance can be as high as $10,000. This is an interest free, deferred loan. If you own and occupy the home for 7 years, 70% of the Home Help loan assistance is forgiven.

Community Activity Set-Aside Program (CASA)- CASA community initiatives are offered to targeted emerging community markets. Lenders participating in CASA initiatives are in several communities around the state. Home Stretch home buyer education classes are required for all borrowers receiving a CASA loan.

CASA HAF Entry Cost Assistance (HAF): provides up to $3,000 to help borrowers with down payment or closing costs.

MHFA $5,000-$10,000 Down-Payment Assistance

I have over 10+ years of Mortgage Loan Origination Experience!.

 Call Steven Webb 651-698-2801 or Steve.Webb@amecinc.org

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