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<br /> IV. PROGRAM REQUIREMENTS
<br /> • MCPP mortgages must meet the requirements of standard mortgage insuring and guaranteeing
<br /> entities, mortgage industry accepted underwriting standards, and state and federal law governing
<br /> mortgages provided through the issuance of mortgage revenue bonds.
<br /> • Borrower household income limits may not exceed 80% of area median income tiered by
<br /> household size. Currently, these household (HH) limits are as follows(Note: HUD typically revises
<br /> these limits between January and April):
<br /> 1 -4 5 6 7 8
<br /> person HH person HH person HH person HH person HH
<br /> 11-County Twin Cities Metropolitan Area $60,250 $65,100 $69,900 $74,750 $79,550
<br /> Olmsted County $56,500 $61,000 $65,550 $70,050 $74,600
<br /> I All other counties $52,100 $56,300 $60,450 $64,650 $68,800
<br /> • The current statutory house price limits are:
<br /> If the mortgaged property is located in: New Construction Existing
<br /> 11-County Twin Cities Metropolitan Area
<br /> (Anoka,Carver,Chisago,Dakota,Hennepin,Isanti, $228,059 $204,183
<br /> Ramsey,Scott,Sherburne,Washington and Wright)
<br /> • Aitkin County $131,070 $115,095
<br /> Becker County $131,070 $109,671
<br /> Beltrami County $131,070 $90,156
<br /> Benton County $135,900 $154,499
<br /> Blue Earth County $131,070 $111,136
<br /> Brown County $131,070 $85,787
<br /> Carlton County
<br /> $131,070
<br /> $98,200
<br /> Cass County $131,070 $140,634
<br /> Clay County $131,070 $121,232
<br /> Cook County $131,070 $146,828
<br /> Crow Wing County $131,070 $132,816
<br /> Dodge County $131,070 $116,981
<br /> Douglas County $131,070 $130,367
<br /> Fillmore County $131,070 $81,391
<br /> Goodhue County $131,070 $129,053
<br /> Houston County $131,070 $121,819
<br /> Hubbard County $131,070 $120,608
<br /> Itasca County $131,070 $99,452
<br /> • Kanabec County $131,070 $101,952
<br /> 11/03
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