Single Family Homes: Minneapolis Real Estate Market
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. Select the loan program you intend to use.
- 2. Determine whether or not Entry Cost Assistance will be needed.
 For MMP: Determine if the property is or is not located in an MMP Spotlight area.- For CASA: Determine if you will be using HAF or HOME HELP.
- 3. Determine the Income Limit Level based on the program selected and Entry Cost Assistance needs (Level 1, Level 2, or Level 3).
- 4. Go to the "Homeownership Programs Eligibility Income Limits" chart below.
- 5. Determine the Household Size and geographic area the property to be purchased is located in.
- 6. Use the Income Limit Level determined in Step 3 associated with that household size and area.
| 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
|
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/td> | $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
|
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.
For single family homes to qualify for the Fix-up Fund and Community Fix-up Fund, 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.
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.
Community Revitalization Fund Program<< h4>
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 |
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.
Contact Home Destination today for help finding single family homes in the Minneapolis / St Paul Metro areas.
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Download the Minnesota Home Ownership Center Entry Cost Matrix and call Jenna Thuening at 952-829-1570 to see how you may qualify.