Affordable Loan & Program Matrix – April 2014
Minnesota Homeownership Center
This tool is designed for housing counselors and industry professionals. If you are purchasing your first home and
would like to learn more about mortgage loans that might be right for you, contact a homeownership advisor in
your area for free, professional information. To find a local housing counselor visit www.hocmn.org or call the Minnesota
Homeownership Center at 651-659-9336.
PURPOSE: Produced by the Minnesota Homeownership Center, this tool is intended to inform homeownership advisors and
industry professionals of affordable loans and programs available to their customers. It is not designed for consumers.
Loans and programs included in the Matrix generally have flexible underwriting guidelines, allow higher LTV limits, lower
buyer investment and require homebuyer education and/or counseling.
This Matrix is updated by the Center quarterly. Please note loan criteria may change prior to the next scheduled update.
Questions regarding programs should be directed to the lender or program contact. If you have specific questions about the
Matrix or would like to add your program please contact Brooke Walker at 651-236-8971 or by email at [email protected]
TABLE OF CONTENTS:
Associated Bank – CARE .................................................................................................................................................... 2
Bremer - Gateway Community Mortgage Program Updated ............................................................................................... 3
BMO Harris – Neighborhood Home Loan Program – New Repair Option .......................................................................... 4
Community Land Trust(s) ..................................................................................................................................................... 5
FHA - 203b, 203k (Purchase Rehab) .................................................................................................................................. 9
GMHC & Dayton’s Bluff NHS- Bridge to Success (Contract for Deed)............................................................................... 10
MN Housing – Start Up ..................................................................................................................................................... 11
MN Housing – Step Up....................................................................................................................................................... 13
MN Housing - Mortgage Credit Certificate (MCC) Program ............................................................................................... 15
MN Housing - Fannie Mae HFA Preferred Risk Sharing™ ................................................................................................ 16
Section 184 Indian Home Loan Guarantee Program ......................................................................................................... 17
US Bank - American Dream .............................................................................................................................................. 18
USDA Rural Development - 502 Direct – Funds Available.............................................................................................. 19
USDA Rural Development - 502 Guaranteed Loans ......................................................................................................... 20
Wells Fargo Bank - Community Development Mortgage Program .................................................................................... 21
Wells Fargo Bank - Neighborhood Community Development Mortgage Program ............................................................ 22
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Minnesota Homeownership Center
April 2014
Associated Bank – CARE (Community Affordable Real Estate) Product
Geographic area
Ratios
Maximum income
Information
Comments
Anoka, Chisago, Dakota, Hennepin, Ramsey, Scott,
Washington, Pierce, and St. Croix county
Contact: Trent Bowman 651-523-6488 (office)
45% maximum
80% of Area Median Income (AMI)
Income not considered
-
Rental income
-
Gross up non-taxable income
No
Adjustment to gross income
No
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
None
No
Cannot own another property
Single Family, Townhome, Condo, PUD attached,
PUD Detached
Warrantable Condos only. Manufactured Homes, Nonwarranted Condos and multi-unit properties are not
eligible. Must be primary residence.
Available with limited cash out.
At or below market rate
Contact Lender for details
Gift funded excepted from eligible source.
Maximum CLTV 105%
No buyer investment required. Up to 97% LTV
No mortgage insurance required.
2 years employment
Minimum Credit Score 670. Requires clean credit for
previous 24months.
Chapter 7
Discharged minimum of 4 years.
Chapter 13
Discharged minimum of 4 years.
Liens
Foreclosure
Paid prior to application.
Settled for a minimum of 4 years with credit re-established.
Judgments
Paid prior to application.
Collection accounts
Paid prior to application.
Education requirements
Amortization
Cash reserves
Purchase rehab option
All delinquent credit obligations paid prior to application.
First time buyers requires at least one borrower to complete
homebuyer education
Home Stretch accepted.
30 years
Conventional Loan Requirements
Not available
Updated: April 2014
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Minnesota Homeownership Center
April 2014
Bremer – Gateway Community Mortgage Program
Information
Geographic area
Ratios
Maximum income
Income not considered
Maximum Loan to Value
Gross up non-taxable income
Adjustment to gross income
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Additional closing costs
Work history
Credit history
Bremer Bank lending areas of MN, ND and WI
43% with minimum credit score of > 700
40% with credit score of 699 - 680
Non-traditional credit is 40%
≤80% of HUD Median
Based on borrowers that will be on the note and mortgage




Self-employed with duration less than 1 year
Part-time received for less than 1 year
Income if returned to workforce for less than 6 months
Rental income from any other properties
95%
Combined Loan to Value to 105% with acceptable down
payment assistance programs approved by Bremer
Bank
Available contact lender for details
Must follow current portfolio guidelines
-
-
 11 county Twin Cities metro area: $298,125
 All other counties: $237,031
No minimum
No





Single Family
Condominiums and townhomes (conforming to FNMA req.)
Planned Unit Developments
Community Land Trusts
Acreage limited to 10 acre parcels
No
Allowable from acceptable sources
Contact lender for details
 Credit score ≥700; 1% or $1000, whichever is less
 Credit score <700; 3%
Must document down payment funds and miscellaneous
deposits, Gifts from relatives allowed for part of 3%
Not applicable
No
Two years continuous stable income
 No short sales within the last 5 years
 Minimum 680 credit score
 Must have 12 months clean credit
Follow FNMA Guidelines
Chapter 13
Follow FNMA Guidelines
Foreclosure
Judgments
Collection accounts
Education requirements
Amortization
Cash reserves
Purchase rehab option
Only permitted to improve Bremer Bank’s position for a
loan held in our in-house portfolio
Slightly higher than Market Rate, Fixed
Chapter 7
Liens
Comments
College is acceptable as part of the two year history and
documented
Non-traditional credit: must have 3 sources – rent
receipts, utility payments, telephone or cable bills, or other
sources of credit or services for which the borrower
has/had a regular financial obligation
Paid in full
None within the last 7 years
Explanations required
Paid in full with 3rd party verification required of reason for
default (default must be beyond borrower’s control)
Paid in full
Yes, all borrowers to attend
www.hocmn.org to find a Home Stretch workshop or
register for the online course Framework
30 years fixed, fully amortizing
Two months PITI
Must be accessible
Not available
Updated April 2014
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Minnesota Homeownership Center
April 2014
BMO Harris Bank – Neighborhood Home Loan Program (NHLP)
Geographic area
Ratios
Maximum income
Income not considered
Rental income
Information
Comments
Properties located in designated counties in Minnesota
The property must be located in a Low or Moderate
Income Census Tract
40% for FICO < 680; 45% for FICO 680 +
None
Must follow Freddie Mac’s guidelines
No
Gross up non-taxable income
-
Adjustment to gross income
Maximum loan amount
-
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
Conforming
No
Homebuyer education required for purchase transactions.
Single Family, Condominium, Townhouse, PUD and
Manufactured Homes
1‐2 Units only, Primary Residence (owner-occupied) Only
Non‐occupant co‐borrowers are not eligible.
Yes - Rate/Term Refinance
Note Rate /Fixed for Life of Loan
Must be borrower own funds. Minimum Borrower Contribution:
Greater of $1,000 or 1% of loan amount (3% if FICO <660)
2 years verifiable income
Must follow Freddie Mac’s guidelines
FICO Requirement:
Regardless of the credit score, borrowers need three valid
tradelines but those do not have to be on the credit report.
The tradelines need to meet Freddie Mac’s guideline for
non‐traditional or alternative credit (see Freddie Mac. All
Regs, Chapter 37.4 (b) for further details).
LTV <= 95%: 620 FICO; LTV 95.01 ‐ 97%: 660 FICO
Refinance: 660 FICO;
Chapter 13
Must follow Freddie Mac’s guidelines
Liens
-
Foreclosure
-
Judgments
-
Collection accounts
Homebuyer education is required for all purchase transactions.
The Purchase Counseling Advisory Letter must be signed
at closing as it is required for all purchase transactions.
Home Stretch and Framework are accepted.
30 Years
Insurance and tax escrows are required.
None required
No- limited repair loan.
Purchase rehab option
Down payment Requirements:
Purchase (1 unit): 3%, Purchase (2 unit): 5%
Refinance (1‐2 unit): 5%, Manufactured Homes: 20%
Seller contributions allowed, cannot exceed 3% of the lesser of
sales price or appraised value on LTVs > 90% and 6% on
LTVs < 90%. Seller contributions may include mortgage
financing costs, closing costs and/or prepaids/escrows.
Must follow Freddie Mac’s guidelines
Cash reserves
Note: On refinance transactions, Equity can be used to
meet the minimum borrower contribution.
No
Chapter 7
Amortization
5/1 ARM available
Approved affordable seconds and/or Grants available
FICO score is required for all NHLP transactions
Education requirements
Borrowers with NHLP mortgages may not have any
ownership interest in any other residential properties as of
the Note Date.
Repairs limited to those which do not affect the livability of the
home. Max amount of repairs cannot exceed 15% ($10,000 for
Conv., $5,000 for FHA) of “As Completed” value.
Escrow requirements: 110% for Conventional or 150% for
FHA ($500 minimum). Percentage based on estimated
cost of repairs.
Updated: April 2014
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Minnesota Homeownership Center
April 2014
Community Land Trust
Community land trusts provide permanently affordable homes to our workforce and ensure the homes remain affordable over time. They
accomplish this by purchasing and retaining ownership of the land, while the homeowner owns the home. The ability to stabilize land costs
keeps homes affordable while providing homeowners the same benefits as market rate homeownership. Community land trusts use a shared
equity model that allows the land trust organization to share in the equity when the home is sold. Nonprofits that provide land trust homes are
located throughout Minnesota and the organization’s requirement and eligibility may vary. For information on land trust not included here visit
www.mncltc.org
COMMUNITY LAND TRUSTS DO NOT PROVIDE FIRST MORTGAGE FINANCING
Carver County CLT Program
Information
Comments
Geographic area served
Carver County
CLT Homes are available in most communities in Carver Co.
CLT Contact Information
952-448-7715 x 2782
705 Walnut Street North
Chaska, MN 55318
www.carvercda.org
First time homebuyer only
Not Required
Maximum income limit
80% of Median Income or Below
Currently $66,200 subject to change without notice
Program Requirements
Application, Homebuyer Education, CLT Orientation and
Lender Pre-approval
Approved Lenders only, contact Carver County for list
No more than $5,000 at the time of closing
Buyer’s minimum investment
Additional closing costs
$1,000
None
Assistance available varies by lender and borrower income
City of Lakes Community Land Trust
Information
Geographic area served
CLT Contact Information
Comments
City of Minneapolis
1930 Glenwood Avenue
Minneapolis, MN 55405
612-594-7150
www.CLCLT.org
First time homebuyer only
Not Required
Maximum income limit
80% Metropolitan Median Income
Program Requirements
Application, Homebuyer Education, CLT Orientation and
Lender Pre-approval
Buyer’s minimum investment
Additional closing costs
CLCLT also has a Contract for Deed Program
Buyers mortgage product determines minimum investment
Varies, depending on program/Project
Currently, all types of closing cost assistance work with CLT
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Minnesota Homeownership Center
April 2014
Community Land Trust
First Homes
Information
Geographic area served
CLT Contact Information:
First time homebuyer only
Rochester & 30-mile surrounding area
507-287-7117
400 South Broadway, Suite 300
Rochester, MN 55904
www.firsthomes.org
Not Required
Maximum income limit
80% of State Median Income
Program Requirements
Meet income limit; Qualify for Mortgage; Home Buyer Education
Buyer’s minimum investment
Additional closing costs
Comments
1% of purchase price
None
Gap loan available if needed
Homes Within Reach
Information
Comments
Geographic area served
Western Suburbs of Hennepin County
Brooklyn Park, Deephaven, Eden Prairie, Edina, Golden
Valley, Maple Grove, Minnetonka, New Hope, Richfield,
St. Louis Park and Wayzata
CLT Contact Information
952-401-7071
5101 Thimsen Avenue, Ste 200
Minnetonka, MN 55345
www.homeswithinreach.org
First time homebuyer only
Not required
Maximum income limit
80% of Hennepin County Housing Consortium Income Limits
(HUD)
Program Requirements
Application, Homebuyer Education, CLT Orientation and
Lender Pre-approval
Buyer’s minimum investment
Additional closing costs
See HWR website for further information
$1,000
None
Depending on the circumstances, there can be additional
closing cost assistance available to the prospective
homebuyer
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Minnesota Homeownership Center
April 2014
Community Land Trust
One Roof Housing
Information
Geographic area served
Duluth and surrounding communities.
CLT Contact Information
218-727-5372
12 East 4th Street
Duluth, MN 55805
www.1roofhousing.org
First time homebuyer only
Not required
Maximum income limit
80% Area Median Income
Program Requirements
Application, Homebuyer education, CLT Orientation and
Lender Preapproval
Buyer’s minimum investment
Additional closing costs
Comments
$500
Recording fees for ground lease and related documents.
Rondo Community Land Trust
Information
Comments
Geographic area served
City of St. Paul and Ramsey County Suburban Communities
Eligible Ramsey County Cities: Arden, Blaine, Falcon
Heights, Gem Lake, Lauderdale, Little Canada,
Maplewood, Mounds View, New Brighton, North Oaks,
North St. Paul, Roseville, Shoreview , St. Anthony, St.
Paul, Spring Lake Park, Vadnais Heights, White Bear
Lake and White Bear Township.
CLT Contact Information
651-221-9884
626 Selby Avenue
St. Paul, MN. 55104
www.rondoclt.org
First time homebuyer only
Not Required
Maximum income limit
80% of HUD median Income
Program Requirements
Orientation, Application and Homebuyer Education Workshop
Buyer’s minimum investment
Additional closing costs
Approved Lenders Only - See Rondo CLT for list.
$500 - $1000
None
Assistance varies on lender availability and borrowers
income
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Minnesota Homeownership Center
April 2014
Community Land Trust
Two Rivers Community Land Trust
Information
Comments
Geographic area served
Anoka and Washington Counties
Some cities within the counties listed are not currently
served
CLT Contact Information
651-994-9194 x 202
3880 Laverne Avenue North, Ste 175
Lake Elmo, MN 55042
www.tworiversclt.com
First time homebuyer only
Not Required
Maximum income limit
80% Area Median Income (household of 4income max=
$64,400)
Program Requirements
Application, Homebuyer Education: Home Stretch, CLT
Orientation and Lender Pre-approval
Buyer’s minimum investment
Additional closing costs
Conventional loan products only. No FHA
Buyers mortgage product determines minimum investment
Recording fees for ground lease and related documents
Up to $10,000 may be available through a variety of lenders
and mortgage products.
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Minnesota Homeownership Center
April 2014
FHA - 203b, 203(k) Streamlined
Geographic area
Ratios
Maximum income
Income not considered
Information
Comments
Nationwide
To find lenders visit /www.hud.gov/ll/code/llslcrit.cfm
31 / 43
Must demonstrate compensating factors to exceed
percentages.
None
Food Stamps
Rental income
Yes
Gross up non-taxable income
Yes
Adjustment to gross income
None
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
Chapter 7
Chapter 13
Liens
Foreclosure
Judgments
Collection accounts
Education requirements
Amortization
Cash reserves
Purchase rehab option
With proper documentation
Metro Area Effective 1/1/14 $318,550 (1 Family)
Effective 1/1/14: Cook County $282,900 (1 Family)
All other $271,050 (1 Family)
No
Borrower cannot own other property as primary
residence.
1-4 units, condos, townhomes, manufactured housing
Must meet FHA appraisal standards
Yes. *NOTE: Effective 6/11/12 special ref. program for
underwater FHA to FHA borrowers. See ML 2012-04
Streamline and cash-out refinance (85% limit)
Market Rate
Pre-approved programs are allowed; must have HUD approval
letter.
Gifts OK per guidelines. Funds from instrumentality of
Governments per HB 4155.
Credit Score at or above 580 requires minimum 3.5%
Credit Score between 500-579 required minimum 10%
See handbook 4155.1 Rev-5 & Mortgagee Letter 201029
Effective 4/9/2012: Upfront payment 1.75% of base loan
amount
Effective 4/1/2013: Annual Mortgage Insurance Premium:
LTV <95%: 130% BPS; LTV >95%: 135 BPS
See Mortgagee Letter (ML)2013-04
The seller may contribute up to 6% of the property's sales
price toward closing costs and pre-paid.
Annual Mortgage Insurance Premium duration:
Effective 4/1/2013 (Mortgagee Letter 2013-04):
Loan To Value at origination:
<78 – 11 years
>78-90 – 11 years
>90 – Loan Term
2 years verifiable income
Minimum 500 credit score
Non-traditional accepted see mortgagee letter 2008-11
Salaries and wage income must be verifiable and stable
over the past 2 years.
Non-traditional credit: must have 3 sources: rent
receipts, utility payments, telephone or cable bills, or
other sources of credit or services for which the
borrower has/had a regular financial obligation.
At least 2 full years since discharged
Re-establish good credit 12-month history.
At least 1 full year into established repayment plan.
Re-establish good credit 12-month history.
Paid in full
No exceptions.
36 months from date claim was paid.
Extenuating circumstances can grant exception. See
Back to Work Mortgage Letter 2013-26
Paid in full
Satisfied prior to endorsement.
Explanation of collection account required
No
Encouraged
15 to 30 year fixed rate
Maximum term is 30 years; other shorter loan terms are
available.
1-2 units: $0. 3-4 units: 3 months PITI
Yes. 203(k) Streamlined allows up to $35,000 added to the
loan balance, placed in escrow. Acquisition + plus rehab
cannot exceed 110% expected market value.
To be used for repairs outline in Mortgagee Letter 200550. Rehab more than $15k must be inspected by lender
prior to draw.
Updated: April 2014
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Minnesota Homeownership Center
April 2014
GMHC & Dayton’s Bluff NHS - Bridge to Success Contract for Deed
Information
Geographic area
Ratios
Maximum income
Contact administrator for details
Follow FHA guidelines and family budget
Follow FHA guidelines
Rental income
Follow FHA guidelines
Gross up non-taxable income
Yes
Adjustment to gross income
No
First time homebuyer only
Eligible properties
$225,000
No
1-2Single Family, and FHA PUD and Condos
Loan Term
10 year Balloon
Interest rate
7.5% Fixed Rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
2nd mortgage and grants for down payment assistance
allowed
$2,000 or 2% of sale price, whichever is less.
100% LTV on purchase transactions
110% LTV on purchase with rehab transactions.
Can be applied to down payment or closing cost
Not Applicable
Origination fee of 2%, standard 3rd party fees apply and if
rehab, additional fees apply
Stable verifiable income
No minimum credit score. Will closely review past 12months of
credit history
Bankruptcy considered under extenuating circumstances
Chapter 13
Bankruptcy considered under extenuating circumstances
Foreclosure
See credit history
Foreclosure considered under extenuating circumstances
Judgments
See credit history
Collection accounts
See credit history
Education requirements
Amortization
Cash reserves
Purchase rehab option
Owner occupied only
None
Chapter 7
Liens
Prepared by borrower and financial counselor
Up to 115% of the area median income
Income not considered
Maximum loan amount
Comments
Homebuyer education (Home Stretch workshop) and financial
management counseling.
Financial management counseling continues post
closing.
30 year amortization
Not applicable
Available
Updated: April 2014
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Minnesota Homeownership Center
April 2014
Minnesota Housing – Start Up
Start Up is a first-time homebuyer loan program that helps low and moderate income Minnesotans buy a home. The Start Up
Program provides affordable, low, fixed interest rates for eligible homebuyers statewide.
Please refer to the Start Up Procedural Manual and Start Up Term Sheet available on Minnesota Housing’s website for
complete program guidelines.
Benefits:

Low, affordable interest rates

Access to Minnesota Housing down payment and closing cost loans

Lower private mortgage insurance rates for conventional-insured loans—only 3% down payment needed

Conventional, no-MI product available—only 3% down payment needed

Housing Choice Vouchers may be used

FHA 203(k) Streamlined purchase/repair product option available
Eligibility Requirements:
Borrowers may be eligible for Start Up if they meet the following criteria:

Are a first-time homebuyer

Have an income at or below prescribed Minnesota Housing income limits

Purchase a home under the Minnesota Housing home cost limits ($298,125 for 11-county metro; $237,031 for
balance of state)

Have a minimum 640 credit score; some products require a higher credit score

Maximum debt-to-income ratio (DTI) of 45%;DTI of 50% allowed with a 660+ credit score

Home Stretch or Framework (www.hocmn.org) required for borrowers with conventional loans or for borrowers
using Minnesota Housing down payment/closing cost loans
Income & Purchase Price Limits:
Visit Minnesota Housing’s website, Minnesota Housing income limits, Minnesota Housing purchase price limits
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Minnesota Homeownership Center
April 2014
Minnesota Housing: Start Up
Information
Geographic area
Ratios
Maximum income
Comments
Statewide
Depends on product guidelines (FHA, RD, VA, Conventional)
11 Co. Metro Rochester MSA Balance of State -
1-2 person
$83,900
$81,300
$73,900
3+ person
$96,.485
$93,495
$84,985
The program utilizes industry-standard loan products.
Minnesota Housing provides an affordable interest rate
and access to down payment and closing loans for
eligible borrowers.
45% max DTI; 50% max DTI with 660+ credit score.
97% LTV limit for conventional (HFA Preferred Risk
Sharing / HFA Preferred)
Each loan file contains both program eligibility and credit
underwriting qualifying income. To calculate eligibility
income, use the Eligibility Income Worksheet found on
www.mnhousing.gov. To calculate qualifying income, use
the loan product guidelines.
Income not considered
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Rental income
Depends on product guidelines (FHA, RD, VA Conventional)
Qualifying income guidelines
Gross up non-taxable income
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Adjustment to gross income
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Maximum House Price
First-time homebuyer only
Eligible properties
Refinance
Interest rate
Acquisition cost limit:
11 Co Metro - $298,125
Balance of State - $237,031
Home price includes the purchase price and any funds
paid by the borrower to acquire the property. Use the
Acquisition Cost Worksheet found on
www.mnhousing.gov
Yes
Single-family homes, duplexes, condos and townhomes
Community Land Trust properties are eligible.
HOME HELP assistance does not allow multi-unit
properties.
No
Visit: www.mnhousing.gov
3 Minnesota Housing DPA options are available:

Deferred Payment Loan

Monthly Payment Loan

HOME HELP
Downpayment and Closing Cost Comparison Sheet
Buyer's minimum investment
Depends on product guidelines (FHA, RD, VA, Conventional)
The lower of $1,000 or 1% of the purchase price is
required for borrowers receiving assistance Minnesota
Housing down payment and closing cost loan.
Mortgage insurance
Closing Costs
Depends on product guidelines (FHA, RD, VA, Conventional)
Work history
Depends on product guidelines (FHA, RD, VA, Conventional)
Credit history
Depends on product guidelines (FHA, RD, VA, Conventional)
Chapter 7
Depends on product guidelines (FHA, RD, VA, Conventional)
Chapter 13
Depends on product guidelines (FHA, RD, VA, Conventional)
Liens
Depends on product guidelines (FHA, RD, VA, Conventional)
Foreclosure
Depends on product guidelines (FHA, RD, VA, Conventional)
Judgments
Depends on product guidelines (FHA, RD, VA, Conventional)
Collection accounts
Depends on product guidelines (FHA, RD, VA, Conventional)
Down payment and closing cost loan
options
Education requirements
Amortization
Cash reserves
Purchase/rehab option
Lenders may charge $200 funding fee and $85 tax service fee.
640 minimum credit score (if a score is available). Higher
credit score required for some products.
Required for conventional loans and borrowers receiving
Minnesota Housing down payment and closing cost loans
When applicable, one borrower must attend Qualified
Homebuyer Education prior to the loan closing.
www.hocmn.org Refer also to underlying product
guidelines.
15 or 30 years
Some products require amortization of 30 years.
Depends on product guidelines (FHA, RD, VA, Conventional)
Deferred Payment Loan and HOME HELP have maximum
cash reserve requirements.
A purchase repair option (FHA 203(k) Streamlined) is
available.
Lenders must apply to Minnesota Housing’s Master
Servicer in order to participate in this option. Contact
Minnesota Housing for more details.
Updated: Jan 2014
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Minnesota Homeownership Center
April 2014
Minnesota Housing – Step Up
Step Up is a non-first-time homebuyer loan program that helps low and moderate income Minnesotans buy a home or refinance
their home. The Step Up Program provides affordable, low, fixed interest rates for eligible borrowers statewide.
Please refer to the Step Up Procedural Manual and Step Up Term Sheet available on Minnesota Housing’s website for
complete program guidelines.
Benefits:

Low, affordable Minnesota Housing interest rates

Access to Minnesota Housing’s Monthly Payment Loan for down payment and closing costs.

Lower private mortgage insurance rates for conventional-insured loans—only 3% down payment needed

Conventional, no-MI product available—only 3% down payment needed

FHA 203(k) Streamlined purchase/repair product option available

Premium pricing option allows refinance borrowers to reduce their out-of-pocket closing costs. Monthly Payment
Loan not available with this option.
Eligibility Requirements:
Borrowers may be eligible for Step Up if they meet the following criteria:

Have an income at or below prescribed Minnesota Housing income limits

Purchase a home under the Minnesota Housing home cost limits ($298,125 for 11-county metro; $237,031 for
balance of state)

Have a 640 credit score; some products require a higher credit score

Maximum debt-to-income ratio (DTI) of 45%; DTI of 50% allowed with 660+ credit score
Income & Purchase Price Limits:
Visit Minnesota Housing’s website, Minnesota Housing income limits, Minnesota Housing purchase price limits
13 | P a g e
Minnesota Homeownership Center
April 2014
Minnesota Housing: Step Up
Information
Geographic area
Ratios
Maximum income
Comments
Statewide
Depends on product guidelines (FHA, RD, VA, Conventional)
11 Co. Metro Rochester MSA Balance of State -
1-2 person
$83,900
$81,300
$73,900
3+ person
$96.485
$93,495
$84,985
The program utilizes industry-standard loan products.
Minnesota Housing provides affordable interest rates and
access to the Monthly Payment Loan for eligible
borrowers.
45% max DTI; 50% max DTI with 660+ credit score.
97% LTV limit for conventional (HFA Preferred Risk
Sharing / HFA Preferred)
Each loan file contains both program eligibility and credit
underwriting qualifying income. To calculate eligibility
income, use the Eligibility Income Worksheet found on
www.mnhousing.gov. To calculate qualifying income, use
the loan product guidelines.
Income not considered
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Rental income
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Gross up non-taxable income
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Adjustment to gross income
Depends on product guidelines (FHA, RD, VA, Conventional)
Qualifying income guidelines
Maximum House Price
First-time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and closing cost loan
options
Acquisition cost limit:
11 Co Metro - $298,125
Balance of State - $237,031
No
Step Up is available for non-first-time homebuyers and
refinances borrowers.
Single-family homes, duplexes, condos and townhomes
Community Land Trust properties are eligible
Yes
Premium SRP option allows refinance borrowers to
reduce out-of-pocket closing costs.
Visit: www.mnhousing.gov
1 Minnesota Housing DPA options is available:

Monthly Payment Loan
Buyer's minimum investment
Depends on product guidelines (FHA, RD, VA, Conventional)
Mortgage insurance
Depends on product guidelines (FHA, RD, VA, Conventional)
Closing costs
No
Work history
Depends on product guidelines (FHA, RD, VA, Conventional)
Credit history
Depends on product guidelines (FHA, RD, VA, Conventional)
Chapter 7
Depends on product guidelines (FHA, RD, VA, Conventional)
Chapter 13
Depends on product guidelines (FHA, RD, VA, Conventional)
Liens
Depends on product guidelines (FHA, RD, VA, Conventional)
Foreclosure
Depends on product guidelines (FHA, RD, VA, Conventional)
Judgments
Depends on product guidelines (FHA, RD, VA, Conventional)
Collection accounts
Depends on product guidelines (FHA, RD, VA, Conventional)
Education requirements
Depends on product guidelines (FHA, RD, VA, Conventional)
Amortization
Cash reserves
Purchase rehab option
15 or 30 years
Other approved Community Seconds are also eligible.
Monthly Payment Loan not eligible if utilizing the Premium
SRP option.
The lower of $1,000 or 1% of the purchase price is
required for borrowers receiving Monthly Payment Loan .
Lenders may charge $200 funding fee and $85 tax
service fee
640 minimum credit score (if a score is available). ).
Higher credit score required for some products.
Some products require amortization of 30 years.
Depends on product guidelines (FHA, RD, VA, Conventional)
A purchase repair option (FHA 203(k) Streamlined) is
available.
Lenders must apply to Minnesota Housing’s Master
Servicer in order to participate in this option. Contact
Minnesota Housing for more details.
Updated: April 2014
14 | P a g e
Minnesota Homeownership Center
April 2014
Minnesota Housing – Mortgage Credit Certificate (MCC) Program
Homebuyer Tax Credit available through the MCC Program—provides tax savings of up to $2,000 each year the borrower is in
the home. First-time homebuyers receive a Mortgage Credit Certificate that allows them to claim 35% of their mortgage interest
as a federal income tax credit each year (worth up to $2,000/year). Provides an affordable, low-interest Minnesota Housing first
mortgage and access to the Minnesota Housing Monthly Payment Loan for down payment/closing costs.
Please refer to the MCC Program Manual and MCC Term Sheets available on Minnesota Housing’s website for complete
program guidelines.
Benefits:

Tax Credit to reduce your federal income tax liability up to $2,000 per year

Minnesota Housing home mortgage loan with low, affordable interest rates

Optional Minnesota Housing Monthly Payment Loan to cover down payment and/or closing costs

Lower private mortgage insurance rates for conventional-insured loans—only 3% down payment needed

Conventional, no-MI product available—only 3% down payment needed

FHA 203(k) Streamlined purchase/repair product option available
Eligibility Requirements:
Borrowers may be eligible for Start Up if they meet the following criteria:

Are a first-time homebuyer

Have an income at or below prescribed Minnesota Housing income limits

Purchase a home under the Minnesota Housing home cost limits ($298,125 for 11-county metro; $237,031 for
balance of state)

Have a minimum 640 credit score; some products require a higher credit score

Maximum debt-to-income ratio (DTI) of 45%;DTI of 50% allowed with a 660+ credit score

Home Stretch or Framework (www.hocmn.org) required for borrowers with conventional loans or for borrowers
using Minnesota Housing down payment/closing cost loans
Income & Purchase Price Limits:
Visit Minnesota Housing’s website, Minnesota Housing income limits, Minnesota Housing purchase price limits
15 | P a g e
Minnesota Homeownership Center
April 2014
Minnesota Housing – Fannie Mae HFA Preferred Risk Sharing™
The Fannie Mae HFA Preferred Risk Sharing™ product allows eligible homebuyers to get a conventional mortgage with no
mortgage insurance with only a 3% down payment. HFA Preferred Risk Sharing™ is available exclusively through state housing
finance agencies (HFAs) and is offered under Minnesota Housing’s Start Up and Step Up programs and the MCC (with First
Mortgage) option.
Additional product information is available on Minnesota Housing’s website.
Benefits:

No mortgage insurance required

Start Up/ Step Up/MCC (with First Mortgage) income limits

97% loan-to-value (LTV) ratio
Eligibility Requirements:

Have an income at or below Start Up/ Step Up/MCC (with First Mortgage income limits

Purchase or refinance a home under the Minnesota Housing home cost limits

680 credit score if using DU®; 700 if using LP®

Maximum DTI of 45%

Manual underwriting not allowed. Ratios, reserves and other requirements are determined by DU®

Minnesota Housing Monthly Payment Loan may be used with HFA Preferred Risk Sharing™. Other Fannie Mae
approved Community Seconds® are allowed.

Minnesota Housing Deferred Payment Loan and HOME HELP are not allowed with HFA Preferred Risk Sharing™

Single-family homes, townhomes, approved condos and PUDs

Home Stretch or Framework (www.hocmn.org) is required for Start Up and MCC borrowers
Income & Purchase Price Limits:
Visit Minnesota Housing’s website, Minnesota Housing income limits, Minnesota Housing purchase price limits
16 | P a g e
Minnesota Homeownership Center
April 2014
Section 184 Indian Home Loan Guarantee Program
Geographic area
Ratios
Maximum income
Income not considered
Rental income
Information
Comments
Entire State, On or Off Tribal Land.
For participating Tribes. For Participating List or
http://portal.hud.gov/hudportal/HUD?src=/program_offices/publ
ic_indian_housing/ih/homeownership/184/tribal_list
Verification of enrollment is required at application. For
approved Lender List visit (see MN):
http://portal.hud.gov/hudportal/HUD?src=/program_offices
/public_indian_housing/ih/homeownership/184/lender_list
Maximum 41% debt-to- income
Debt-to-income ratio exceeding 41% may be acceptable if
significant compensating factors are presented.
No maximum income
All income considered
Must be demonstrated by tax return, shown as income.
Gross up non-taxable income
None
Adjustment to gross income
None
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
Chapter 7
Chapter 13
Liens
Foreclosure
Cannot excess the lessor of: 150% of the current median
home price, or FHA limit
No
Single family homes (1-4 units) and must be primary
residence.
Existing Home, Construction for New Home, Purchase
and Rehab; including Current Home.
Can be used to refinance current loan.
Market Rate, Not based on Credit Score or History.
2.25% loans > $50,000; 1.25% loans <$50,000
Allows gifts, down payment assistance.
None
No. Onetime upfront fee, 1% of loan.
Upfront fee can be financed into the loan.
6 months stable employment accepted if able to document 2
years of employment prior to absence from workforce.
Gaps greater than 30 days must be explained.
No late payments in the past 12 months on all accounts
Nontraditional credit accepted
Two years from the date of discharge.
No bankruptcy in the past 24 months.
One year of good payment history; judge allows mortgage.
No bankruptcy in the past 24 months.
Same standard for Debt Management Plans.
Federal liens must be current, paid or satisfied.
No liens in the past 24 months.
3 years since completion of foreclosure.
Judgments
Paid in Full Prior to Closing
No judgments in the past 24 months.
Collection accounts
Paid in Full Prior to Closing
No accounts converted to collection in the past 12
months. All collections must have been paid in full 12
months prior to the date of application.
Not required; strongly encouraged
Home Stretch and Framework are accepted.
30 years
If leasing tribal land a 50year lease is required.
Education requirements
Amortization
Cash reserves
Purchase rehab option
Not required
Used to rehab current home.
Updated: April 2014
17 | P a g e
Minnesota Homeownership Center
April 2014
US Bank Home Mortgage –American Dream
Information
Geographic area
Ratios
Maximum income
Income not considered
Statewide
41% single family
Higher housing ratio may be considered
80% of Area Median Income, total household income
No income limit if purchasing in a low/mod census tract.
Maximum may vary if using assistance
Self-employed, part-time income less than 1 year
Rental income
Yes
Gross up non-taxable income
Yes
Adjustment to gross income
25%
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
Comments
75% can be used with history
Standard Fannie / Freddie conforming limits
Maximum conforming limits
No
Cannot own other property
1-2 units, condos, townhomes
Primary residence only
Yes, rate and term only. Contract for Deed allowed with 1
year of on time payment history
Case by case basis only
At or below market rate
Contact Lender for details
$3,000 USBHM assistance
$3000 Acquisition Assistance, $2,500 Rehab Gap
Assistance
Fico score of 640 or greater, or no credit score using
alternative credit, requires minimum investment of $1,000 or
2% of the purchase price (whichever is less).
FICO scores less than 640 require a minimum investment of
3% of the purchase price.
Minimum investment must be from borrower's own
sources
No
Portfolio loan
Seller can pay on behalf of the buyer up to 6%
Minimum 2 year continuous stable income
Non-traditional credit history accepted.
FICO < 640 require a minimum of 3 trade lines with 24 months
clean credit history. Max 2/30 revolving lates. No charge offs
or collections last 24 months.
Minimum 2 yr. continuous stable income, 2 yr. selfemployment or commissioned income. Bank will evaluate
likelihood of the continuation of public assistance & parttime income
Non-traditional credit: must have three sources: rent
receipts, utility payments, telephone or cable bills, or other
sources of credit or services for which the borrower
has/had a regular financial obligation
Must have re-established credit & current situation is such
that the events that led to the bankruptcy are not likely to
reoccur
Chapter 7
At least 2 full years since discharge
Chapter 13
At least 1 full year since discharge
CCCS will be considered after one year in the program
with no late payments and all other credit current
Paid in full
No exceptions
Liens
Foreclosure
Foreclosure will be considered after 7 years.
Short sales, after 4 years with reestablished credit and other
criteria.
Judgments
Paid in full
Third party verification required
Collection accounts
Paid in full
Paid in full prior to application or documentation proving
participation in a repayment plan for 6 months with
creditor
Yes, all borrowers
Home Stretch is accepted.
Education requirements
Amortization
Cash reserves
Purchase rehab option
15 to 30 years
1 month PITI for borrowers with FICO scores below 640, 2
months PITI for duplexes.
100% of reserves must be borrowers own funds.
Yes. Rehab inspection required. Acquisition + rehab cannot
exceed 97% of excepted market value. Rehab must be
complete within 60days of closing
Repair Escrow Feature available: Health/safety repairs
equaling at or below $5,000 may be financed into the loan
amount
Updated: Jan 2014
18 | P a g e
Minnesota Homeownership Center
April 2014
USDA Rural Development 502 Direct
Geographic area
Ratios
Maximum income
Information
Comments
Statewide, Non-metro
Eligible communities: population <20,000
Go to USDA eligible communities and click on “Income
and Property Eligibility”
29 / 41 very low income; 33/41 low income
Must be unable to obtain mortgage loan elsewhere
80% of median income for low;
50% of median income for very low
Go to http://www.rurdev.usda.gov/mn/index.htm
and click on “Direct Single Family Housing Loans.”
Income not considered
Rental income
Property must be owner occupied
Gross up non-taxable income
Compensating factor up to 120%
Requires next level supervisor approval.
See comments. Adjusted for household size
Deduct $400 for elderly household and a portion of
medical expenses; Deduct $480 per minor child and
daycare expenses
MN area loan limits vary, check with respective area office
Can be participation loan (second) with another lender as
first
Adjustment to gross income
Maximum loan amount
First time homebuyer only
Eligible propretores
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
No
Single family modest homes, new manufactured homes,
townhouses
No
Currently 3.75% (subject to change monthly)
Subsidy subject to recapture
100% of appraised value can be financed: Zero down, closing
costs may be financed
Payment subsidy may be available
None
No
Minimum 2 years continuous stable income
Self-employment income with 2-year history.
Non-traditional credit history accepted
Must be unable to obtain mortgage loan elsewhere, but
have reasonable credit history
Chapter 7
At least 3 full years since discharge
Mitigating circumstances are considered,
waivers allowed
Chapter 13
At least 3 full years since discharge
Mitigating circumstances are considered,
waivers allowed
Credit history
Liens
Foreclosure
None
3 years from foreclosure sale
Judgments
Paid in full
Paid in full, 12 months before application
Collection accounts
Paid in full
Paid in full, 6 months before application
Required for first time buyer
Home Stretch and Framework are accepted.
33 years; 30years for manufactured homes
Other terms depending on qualifications.
Education requirements
Amortization
Cash reserves
Non-retirement assets limited to $15,000 non elderly; $20,000
elderly. Excess assets must be used for purchase/closing cost
Purchase rehab option
Yes. Acquisition + rehab cannot exceed 100% of the
appraised value. Rehab must be complete within 12 months of
closing.
Only necessary repairs allowed. Lender must approve
home, scope of work and contractor.
Updated: April 2014
19 | P a g e
Minnesota Homeownership Center
April 2014
USDA Rural Development 502 Guaranteed Loans
Geographic area
Ratios
Maximum income
Income not considered
Rental income
Gross up non-taxable income
Adjustment to gross income
Maximum loan amount
First time homebuyer only
Information
Comments
Statewide, Non-metro
Eligible communities: population of <20,000
Go to http://www.rurdev.usda.gov/rhs/ and click on
“Income and Property Eligibility”
29 / 41
Exceptions possible with underwriter approval and RD
concurrence
115% of the median income for the area
Go to http://www.rurdev.usda.gov/mn/index.htm
and click on Guaranteed Single Family Housing Loans”
All income must be included for income limits
Property must be owner occupied
15% to 25%
$480 per dependent child plus child care expenses
No maximum amount; loan is based on affordability ratios
No
Eligible properties
Existing homes must meet HUD Handbooks 4150.2 & 4905.1
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/
Refinance
Only on loans that are currently Guaranteed or Direct; upfront
guarantee fee 2% , plus .4% annual fee
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Work history
Credit history
Based on applicable tax rate. Check with investor
Repairs may be financed based on value
May not exceed Fannie Mae 90-day + 6/10th and rounded up
to the nearest 25%
100% of appraised value can be financed; zero down, closing
costs can be financed if property value allows
No minimum
Annual fee of .4%
2% upfront guaranteed fee. Fee can be included in loan above
the appraised value.
Minimum 2 years continuous stable income
Nontraditional credit history accepted.
4 nontraditional credit sources required if no rental history;
3 required with current rent/housing history.
Mitigating circumstances are considered;
waivers allowed
Chapter 7
At least 3 full years since discharge
Chapter 13
At least 3 full years since discharge
Mitigating circumstances are considered;
waivers allowed
First lien required
Soft seconds allowed for down payment/closing cost
programs
Liens
Foreclosure
Judgments
3 years from foreclosure sale
Paid in full or subordinated
Mortgage requires first lien
Collection accounts
Paid in full, unless FICO is 640+ and payment not required by
lender
No accounts turned to collection in last 12 months
Education requirements
Homebuyer education not required, but recommended for first
time buyers
May be required by other agencies if using HOA funds
Home Stretch and Framework are accepted.
Amortization
30 years
Cash reserves
Not required
Purchase rehab option
Not available
Updated: April 2014
20 | P a g e
Minnesota Homeownership Center
April 2014
Wells Fargo Bank –Community Development Mortgage Program
Information
Geographic area
Ratios
Maximum income
Income not considered
Rental income
Gross up non-taxable income
Adjustment to gross income
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Comments
Statewide
42%
80% of median income
Use specific county median
Rental income
No
Yes
Child support, Social Security, SSI, Public Assistance,
Workers Comp and Food Stamps.
The amount of tax savings attributable to the non-taxable income must be added to the borrower’s income to develop an
adjusted gross income. This gross up will be determined using the previous year tax rate from the borrower’s tax returns. If
the borrower didn’t need to file taxes due to low income, the gross up is at 25%.
$417,000
No
Applicants who presently own real estate not eligible
unless they sell the property and transfer title. No
investment property allowed.
One and two family residences, Condos, Townhouses,
Modular Homes
Must be owner-occupied and principal residence of all
buyers.
No
Market Rate
Wells Fargo approved DAPS
Max – CLTV: 105%
Down payment may be gifted or come from an acceptable
Down Payment Assistance program. Max CLTV: 105%
No
Maximum sellers’ contribution is 3%. Cannot be used for
down payment.
Minimum 2 year continuous stable income
Jobs held do not require similar or direct relation
employment
Minimum score 640 consisting of at least 3 trade lines. If
no credit score, non-traditional credit allowed
Non-traditional credit: utility payments, telephone or cable
bills, or other sources of credit or services for which the
borrower has a regular financial obligation.
Chapter 7
At least 2 full year since discharge
Borrowers must have re-established credit in the past 24
months, and demonstrated that current situation is such
that the events that led to the bankruptcy are not likely to
reoccur.
Chapter 13
At least 2 full years since discharge
Discharged at least 2 year.
See comment for Chapter 7
Maximum $500 unpaid at application. Accounts over $500
must be paid 24months prior to application.
Must be satisfied before closing.
3 years since discharge
No exceptions
Work history
Credit history
Liens
Foreclosure
Judgments
Collection accounts
Education requirements
Amortization
Maximum $500 unpaid at application. Accounts over $500
must be paid 24months prior to application.
Maximum $500 unpaid at application. Account over $500
must be paid 24months prior to application.
Yes
Must be satisfied before closing
Must be satisfied prior to closing.
At least one buyer must attend all sessions.
Home Stretch accepted.
30 years fixed
Cash reserves
Not required
Purchase rehab option
Not available
Updated: April 2014
21 | P a g e
Minnesota Homeownership Center
April 2014
Wells Fargo Bank – Neighborhood Community Development Mortgage Program
Geographic area
Ratios
Maximum income
Income not considered
Rental income
Gross up non-taxable income
Adjustment to gross income
Maximum loan amount
First time homebuyer only
Eligible properties
Refinance
Interest rate
Down payment and/or closing cost
assistance program
Buyer's minimum investment
Mortgage insurance
Closing costs
Information
Comments
Determined by www.ffiec.gov/geocode/default.aspx Low to
moderate census tract
HMC enters address to determine if in a LMI tract
38%
42% if credit score at or above 720 and 6 months of PITI
in reserves.
No
Rental income
No
Yes
Child support, Social Security, SSI, Public Assistance,
Workers Comp and Food Stamps
The amount of tax savings attributable to the non-taxable income must be added to the borrower’s income to develop an
adjusted gross income. This gross up will be determined using the previous year tax rate from the borrower’s tax returns. If
the borrower didn’t need to file taxes due to low income, the gross up is at 25%.
$417,000
No
Applicants who presently own real estate not eligible
unless they sell the property and transfer title.
One and two family residences, Condos and Townhouses,
Modular Homes
Must be owner-occupied and principal residence of all
buyers. No investment properties
No
Market Rate
Wells Fargo Approved DAPS
Max – CLTV: 105%
Down payment may be gifted or come from an acceptable
Down Payment Assistance program. Max CLTV: 105%
No
Maximum sellers’ contribution is 3%. Cannot be used for down
payment.
Minimum 2 years continuous stable income
Jobs held do not require similar or direct relation
employment
Minimum score 680 consisting of at least 3 trade lines.
Non-Traditional credit not allowed
Chapter 7
At least 2 full year since discharge
Borrowers must have re-established credit and
demonstrated that current situation is such that the events
that led to the bankruptcy are not likely to reoccur.
Chapter 13
At least 2 full year since discharge
Discharged at least 2 year. See comment for Chapter 7
Maximum $500 unpaid at application. Accounts over $500
must be paid 24months prior to application.
Must be satisfied before closing.
3 years since discharge
No exceptions
Work history
Credit history
Liens
Foreclosure
Judgments
Collection accounts
Education requirements
Amortization
Cash reserves
Purchase rehab option
Maximum $500 unpaid at application. Accounts over $500
must be paid 24months prior to application.
Maximum $500 unpaid at application. Account over $500
must be paid 24months prior to application.
Yes, one borrower
Must be satisfied before closing.
Must be satisfied prior to closing.
At least one buyer must attend all sessions.
Home Stretch accepted
30 years fixed
If DTI is 38% or less, 2 months of PITI reserves required. If
DTI is over 38%, 6 months of PITI reserves required.
Not available
Updated: April 2014
22 | P a g e
Minnesota Homeownership Center
April 2014