 Virtual Currency Updates & Revised Forms
We made updates to clarify how to treat virtual currency with the Start Up Eligibility Income calculation and Deferred Payment Loan post-closing liquid asset calculation.
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Start Up Eligibility Income Calculation: Include income received in virtual currency as well as gains from selling virtual currency. See the updated Start Up Eligibility Income Worksheet.
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Deferred Payment Loan/DPL Plus Asset Limit: Include the value of virtual currency accounts in the post-closing liquid assets calculation.
Forms Updates:
We updated the Start Up Borrower Affidavit, Start Up Eligibility Income Worksheet, Start Up Disclosure Summary, and Downpayment and Closing Cost Loan Comparison Chart to incorporate virtual currency language. On the Start Up Borrower Affidavit, virtual currency has been added to the list of income sources. The updated Borrower Affidavit (version date 12.02.2021) may be used immediately and must be used for loans closed on or after January 3, 2022.
- If you generate forms in Minnesota Housing's loan commitment system, the updated Start Up Borrower Affidavit is already available.
- If you use your own system or a document management company to generate forms, we are working with your company's document management contact to update your forms.
Reminder: 2021 Highlights & Lender Open Forum Training
Please join us on Thursday, December 16 from 9:00 - 10:00 a.m. for the last training event of the year where Minnesota Housing will share 2021 program highlights. We will also cover a variety of topics including calculating income, sharing Minnesota Housing commitment system tips and tricks, virtual currency accounts, addressing deposits, Down Payment & Closing Cost Loans, and post-closing escalation paths. A representative from our Partner Solutions Team will be available to answer your questions during the open forum. We look forward to seeing you! Please click here to register.
In Case You Missed It
We had many important program changes and announcements in 2021. Please review our In Case You Missed It document with links to corresponding eNews so that you're up-to-date on everything that happened in 2021.
Minnesota Housing System Generated Loan Number
Lenders who import loans into the Minnesota Housing Commitment System should not modify the Loan Number field. Keep the default selection of System Generated Loan Number:
 Please refer to the Minnesota Housing Homeownership System Guide for more details on how to correctly import a loan into Minnesota Housing's Loan Commitment System.
Monthly Update & Underwriter Call
Join us for the last monthly call of the year to review recent Minnesota Housing updates and important information to help you originate and process our loans. Click here to register for the call. Next session:
- Thursday, December 9 from 9:00 - 10:00 a.m. CST
Stay tuned for the Monthly Update & Underwriter Call 2022 schedule and registration information.
eLearning Training Courses
Are you interested in learning more about Minnesota Housing loan programs, requirements, and how they work? The eLearning training courses are a great place to start. These self-paced training modules lay out the basics of the Start Up and Step Up programs, eligibility and income requirements, down payment and closing cost loans, and much more! To view a complete list of courses, visit the Homeownership Training page and select eLearning Courses.
Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.
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