|
•
<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 household
<br /> size. Currently, these household(HH) limits are as follows(Note:
<br /> HUD
<br /> typically
<br /> in January):
<br /> ( yp ly revises these limits
<br /> 1 person 2 person 3 person 4 person 5 person 6 person 7 person 8
<br /> HH HH HH HH HH HH
<br /> HH person
<br /> HH
<br /> 11-County Twin Cities $41,900 $47,850
<br /> Metropolitan Area $53,850 $59,800 $64,600 $69,400 $74,200 $78,950
<br /> -
<br /> Olmsted County $40,150 $45,850 $51,600 $57,300 $61,900 $66,500 $71,100 $75,650
<br /> All other counties
<br /> $35,000 $40,000 $45,000 $50,000 $54,000 $58,000 $62,000 $66,000
<br /> • The current statutory house price limits are:
<br /> If the mortgaged property is New
<br /> Existing
<br /> located in: Construction
<br /> 11-County Twin Cities Metropolitan
<br /> Area(Anoka,carver,Chisago,Dakota,
<br /> 0 Hennepin,!santi,Ramsey,Scott,Sherburne, $134,257 $175,591
<br /> Washington and Wright)
<br /> Aitkin County $131,070 $103,408
<br /> Becker County - $131,070 $92,402
<br /> Beltrami County $131,070 $84,400
<br /> Benton County $131,070 $98,501
<br /> Blue Earth County $131,070 $105,691
<br /> Brown County $131,070 $87,119
<br /> Carlton County $131,070 $92,193
<br /> Cass County $131,070 $96,632
<br /> Clay County $131,070 $91,168
<br /> Cook County $131,070 $101,811
<br /> Crow Wing County $131,070 $123,081
<br /> Dodge County $131,070 $102,422
<br /> Douglas County $131,070 $113,115
<br /> Fillmore County $131,070 $83,723
<br /> Goodhue County $131,070 $128,138
<br /> .
<br /> Houston County $131,070 $98,108
<br /> • Hubbard County $131,070 $105,223
<br /> Itasca County $131,070 $96,632
<br /> 11/01
<br />
|