Minnesota Step Up Program Checklist
A comprehensive guide for applicants of the Minnesota Step Up Program in 2025.
Determine Your Eligibility
- Confirm that you are a repeat homebuyer or a first-time homebuyer who exceeds the income or purchase price limits for the Start Up program.
- Ensure your household income is within the program's limits, which can be up to $185,700, depending on the county.
- Verify that the property's purchase price does not exceed the program's maximum acquisition cost for your area, which is up to $659,550 in the 11-county Metro area and $637,950 for all other counties.
- Plan to occupy the property as your primary residence and ensure you do not own other residential property at the time of closing.
Collect Necessary Documentation
- Gather recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Work with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the Minnesota Step Up Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Submit Your Application
- Collaborate with your Loan Officer to complete your application for the Minnesota Step Up Program.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
- If all borrowers are first-time homebuyers, ensure that at least one borrower completes an approved homebuyer education course prior to closing, as mandated by the program.
Complete the Enrollment Process
- Sign all necessary documents provided by your Loan Officer to finalize your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Adhere to Program Requirements
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.