 Deferred Payment Loan & Post Closing Asset Limit Increases
We recognize the current market is competitive for your borrowers as they face multiple bids and rising home prices. To meet these challenges and continue to support homebuyers' needs, our Deferred Payment Loan amount and post-closing asset limits are increasing.
Effective for loans locked on or after April 1, 2022, changes are:
- Deferred Payment Loan (DPL) Amount: Up to $12,500
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DPL & DPL Plus Post-closing Liquid Asset Limit: Greater of 8 months PITIA or $12,000
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DPL Plus Loan Amount: No change - up to $15,000
- Monthly Payment Loan Amount: No change - up to $17,000
Our website and applicable documents will be updated on April 1 to reflect the increases.
Senior Attorney Job Opening
Are you or someone you know an attorney? If you would like to use your real estate, mortgage industry, or compliance experience to advance affordable housing in Minnesota we have just the position for you. We are looking for a Senior Attorney to provide Minnesota Housing with legal advice and guidance, with a primary focus on the activities of the Single Family division, including the agency’s affordable homeownership programs. This is a varied and interesting position for an experienced attorney to work in a state agency that is also an independent entity with a complex business model related to single family lending. This position closes at midnight on March 31.
For more information and to apply, go to https://mn.gov/mmb/careers/ and search for job #53488.
Join Us at an Upcoming Event
We partner with lenders and real estate professionals at community events throughout the state. Contact El Karnwie-Tuah to learn more about partnering with us at these or other upcoming events, or come and check out our booth!
Upcoming Lender Trainings
Join Minnesota Housing for our series of monthly training webinars. The trainings will lay out the basics of our Start Up, Step Up, or Downpayment and Closing Cost Loans, how they work, what eligibility criteria is required and review how to access tools and resources to help you successfully originate loans. These instructor led trainings provide a great opportunity to ask questions. We look forward to partnering with you!
The webinars take place on Thursdays from 9:00 - 10:30 a.m. CST. Please click the links below to register:
Monthly Underwriter Call
Join us for monthly calls to review recent Minnesota Housing updates and important information to help you originate and process our loans. Please click here to register.
When you register, you will be signed up for all sessions in the series but can attend the sessions that work for you. Calls occur on the second Thursday of the month from 9:00 a.m. - 10:00 a.m. CST.
Upcoming Sessions:
- Thursday, April 14
- Thursday, May 12
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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