Lenders FAQs

MyHomeSource homes are only available to buyers with household income of less than $93,100 (based on 2008 guidelines).  Why is there a limit?

  • MyHomeSource is working with Minnesota Housing Finance Agency on this project.  The current guidelines from MHFA requires that all homes be sold to buyers with household income of less than $93,100 – 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.”

Why does MyHomeSource promote the loan programs of Minnesota Housing Finance Agency?

  • MyHomeSource and Minnesota Housing Finance Agency are working together to make this program possible.  But, in addition, we know that MHFA offers some of the best financing options with the greatest benefits and savings for buyers.  Our goal is to provide a good experience for buyers, that allows them to take advantage of the best service and financing available.