Home FAQs

MyHomeSource homes are only available to buyers with household income of less than $96,500 (based on 2009 guidelines). Why is there a limit?

• MyHomeSource is working with Minnesota Housing Finance Agency on this project. The current guidelines requires that all homes be sold to buyers with household income of less than $96,500 – in an effort to help low to medium income buyers, first time buyers and emerging market buyers.

How is household income defined?

• Household income is defined by MHFA as “Gross Annual Projected Household Income is the expected income of all residents from whatever source derived and before taxes or withholdings for the 12 month period immediately following the Household application.”

Are there any other restrictions?

• Yes, there are two other restrictions. Homes can only be purchased by buyers intending to live in the home. Also, if the home is sold during the first 5 years after purchase, it can only be sold to another owner/occupant, as opposed to an investor. The goal is to build communities by promoting home owners vs investors or home renters.

MyHomeSource offers a 1 year home warranty on all homes. How does the home warranty work and what does it cover?

• The home warranty is offered through American Home Shield, a leading home warranty provider. A home warranty cannot prevent systems or appliances from breaking down, but it can help make covered repairs or replacements easier and less costly. This is the Core Coverage Plan that covers a variety of systems and appliances including heating, air conditioning, plumbing, electrical, water heaters, dishwashers, ranges and more. To get assistance, simply call American Home Shield to place a service request. They will send out an approved contractor to either repair or replace the system or appliance. There is a deductible (currently $60) for each claim and certain restrictions apply. Please see www.AHSFlexplan.com or www.ahsflexplan.com/docs/AHS_Pictogram_10.pdf for details.