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Find out,more about Minnesota Housing loan programs3 Minnesota Housing fi nances affordable housing for tow- and rc households while moderate-incon fostering strong communities. Thß reference guide does not con'toln:àl ¡nformiatlon nyded to or,lgln _g.te loons lot sgle ander Minnesota llouslnE,prograns;See thÊãllnnesota Housing Step Uþ Procedural Manual at www.mnhouslng ,gov for complete lnformatìon. ñt 65t J96.8215 or8oo.7lo387l Minng_s_i¡to I rryosl¿sz¿¡ol - www.mnhousing.gov E ffi Follor u¡ on Facebook ând at 6rmnhousíng. PÍogrä m r,Rèfêiênce.G ü i d e for,Housing lndustry Þrôfessiónals H .08.2012 Minnesbto I Housinq -J FlnonceAqencú www.mnhousing.gov ---PAGE BREAK--- Step Up is a new Minnesota Housing loan program for non-first-time homebuyers to purchase or refinance a home. The program offèrs affordable, fixed-rate loans and'äccess to Minnesota Housing Payment Loans for downpayment and closing costs for eligible borrowers through partic¡pating lenders. Borrower Eligibilitv To be eligible for a Minnesota Housing Step Up loan, borrowers must meet the following requirements: I tvteet creditscore and debt+o-income (DTl) ratios . 6/;0-659 creditscore and maximum DT of 450lo . 660+ credit score and maximum DTI of 5070 E tvteet household income limits: 1l-county metro Rochest€rMSA Balance ofstate r tl Meet loan or home,cost limits: . l1-county metro area: 5298,125 . Balance of state: 5237,031 l.2-per¡on hogsehold s83,9æ, $8r;300 s73,900 Loan Requ¡rements Fixed-ratg fu I ly--am o rtized, lo¿n s Escrows are required 1 5- and 3$yCai têrms'rällowed The'fottowingproductsäre:allowedl''' -FHA - FHA Streamlined 203k -RD -VA - Conventional Fannie Mae HFA Preferredru : Conventional,FannierMae l"lFA Preferred Risk Sharingm Normalrcustomary origination, closing costs and fees charged to thêborrower;: ' www.mnhousing.gov Downpayment and Closing Cost Loans Step Up borrowers have access to M¡nnesota Housingt Payment Loan for downpayment and closing costs. Step Up ¡s ineligibleforthe Deferred Payment Loan and HOME HELP Loan. Payment Loans require: 3+ person household s96,48J s84,985 Borrowercontr¡but¡on of $1,00O or 1oó of the purchase price, whichever is less. Conventional, RD and VA borrowers use Step Up income limits FHA borrowers use FHA Affordable Housing Program income limits posted on www.mnhousing.gov. Property Eligibility . The property must be a principal residence located in Minnesota, including: - Single-family residences - Duplexes - Town h omes/con dos/plan ned: ù n it develop-ments - Manufáctured hömes fi naRced:with Eovernment insured/ guaranteed loans - Trust leasehold es¡Eçs Excluding: - Non-owner-occupied properties - lnvestment properties - Recreationalhomes www.mnhousing.gov