Single Family Homes: Minneapolis Real Estate Market

Home Destination offers tips to first time home buyers, a First Time Home Buyers Guide to Mortgage Shopping, and helps first time home buyers reach their dream.


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Single family homes find help in the Single Family Program Income Limits For Minneapolis and St Paul Residential Real Estate Communities



Single Family Homes: Entry Cost Assistance Availability In Minneapolis HousingMinneapolis single family homes


The following chart outlines which Homeownership Program Eligibility Income Limits (from chart below) apply and the availability of Entry Cost Assistance programs (Homeownership Assistance Fund (HAF) and HOME HELP) for Minnesota Housing first-time homebuyer programs:


  1. 1.  Select the loan program you intend to use.
  2. 2.  Determine whether or not Entry Cost Assistance will be needed.
    1. single family homes tip 1 For MMP:  Determine if the property is or is not located in an MMP Spotlight area.
    2. single family homes tip 2 For CASA:  Determine if you will be using HAF or HOME HELP.
  3. 3.  Determine the Income Limit Level based on the program selected and Entry Cost Assistance needs (Level 1, Level 2, or Level 3).
  4. 4.  Go to the "Homeownership Programs Eligibility Income Limits" chart below.
  5. 5.  Determine the Household Size and geographic area the property to be purchased is located in.
  6. 6.  Use the Income Limit Level determined in Step 3 associated with that household size and area.

Help Finding Twin Cities Single Family Homes for Sale


Program Homeownership Programs Eligibility Income Limits Entry Cost Assistance Programs
Eligible HAF Amount Eligible HOME HELP Amount
Minnesota Mortgage Program (MMP) Interest Rate Only Level 1 Not Applicable Not Available
MMP Spotlight Area Level 1 Up to $3,000
MMP Non-Spotlight Area Level 3 Up to $3,000
Community Activity Set-Aside Program (CASA) Interest Rate Only Level 2 Not Applicable No HOME HELP
With HAF Level 2 Up to $4,500 No HOME HELP
With HOME HELP HOME HELP limits apply Not Applicable $8,500

Minnesota Mortgage Program


Homeownership Programs 2011 Eligibility Income Limits: 
The following income limits are effective for Minnesota Mortgage Program (MMP) and Community Activity Set-Aside Program (CASA) loans committed on or after June 27, 2011:


Household Size
 
Minnesota Housing Area Median Income Limits
11-County Twin Cities Metro Area* Rochester MSA*** Balance of State
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
1 Person $82,700 $66,200 $34,800 $80,200 $64,200 $33,750 $72,900  
$58,350 
 
$30,650
2 Person $39,750 $38,550 $35,000
3 Person $44,700 $43,350 $39,400
4 Person $49,650 $48,150 $43,750
5 Person $89,350 $71,500 $53,650 $86,650 $69,350 $52,050 $78,750 $63,050 $47,250
6 Person $95,950 $76,800 $57,600 $93,050 $74,500 $55,900 $84,600 $67,700 $50,750
7 Person $102,550 $82,100 $61,600 $99,450 $79,650 $59,750 $90,400 $72,400 $54,250
8 Person $109,200 $87,400 $65,550 $105,900 $84,750 $63,600 $96,250 $77,050 $57,750
9 Person $115,800 $92,700 $69,550 $112,300 $89,900 $67,450 $102,100 $81,700  $61,250
10 Person** $122,400 $98,000 $73,500 $118,700 $95,050 $71,300 $107,900 $86,400 $64,750

Help For Single-Family Homes: Minnesota Urban and Rural Homesteading (State Funded) Program Income Limits


The Minnesota Urban and Rural Homesteading (State Funded) Program uses the Level 3 Minnesota Housing Income limits listed above. They are based on HUD median family income estimates and calculated at 60% of the greater of state or area median income.


Fix-up Fund (FUF)/Community Fix-up Fund


For single family homes to qualify for the Fix-up Fund and Community Fix-up Fund in Minneapolis housing districts, your gross household income must be no greater than $96,500.  The income limit is waived if the improvement is being made for the accessibility of a family member who is disabled.


FRehabilitation Loan Program


Rehabilitation Loan Program income limits are based on HUD median family income estimates and calculated at 30% of the Minneapolis/St. Paul area median income and are applicable in all Rehabilitation Program areas of the state.


Household Size  2012 Income Limits
 1 Person  $ 17,700
 2 Persons  $ 20,200
 3 Persons  $ 22,700
 4 Persons  $ 25,200
 5 Persons  $ 27,100
 6 Persons  $ 29,100
 7 Persons  $ 31,300
 8 Persons  $ 33,300


Homeowner Quick Start Disaster Recovery Program


No income limits apply to the Quick Start program to help single-family homeowners.

Community Revitalization Fund Program

The following income limits are effective for Community Revitalization Fund Program closed/completed units on or after June 27, 2011:


Gross Household Income Limits 11-County Twin Cities Metro Area* Rochester MSA*** Balance of State
60% $50,400 $48,800 $44,400
80% $67,200 $65,100 $59,200
100% $83,900 $81,300 $73,900
115% $96,500 $93,500 $85,000


Homeowner Quick Start Disaster Recovery Program


Income limits for eligible activities through the CRV target households at or below 115% of state or area median income. Funding partners’ program income limits vary. Visit specific funding partner web sites for additional information.

* For the purpose of this section, the 11 county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.


** Download the Minnesota Housing Single Family Division Income Limitspdf for households with more than 10 persons.

Download HUD's Single Family Mortgage Insurance pdf

Download the rmba report on Insight On Residential Mortgage Backed Securities Loss Model and Rating Methodology. pdf

Download the Minnesota Home Ownership Center Entry Cost Matrix and call Jenna Thuening at 952-829-1570 to see how you may qualify. pdf


Contact Home Destination today for help finding single family homes in the Minneapolis / St Paul Metro areas. It will help if you first pre-qualify before beginning your search. Call 952-829-1570.


single family homes charts


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