 Deferred Payment Loan & Post Closing Asset Limit Increases Reminder & Clarification
On March 30 we announced the Deferred Payment Loan amount and post-closing asset limits were increasing on April 1, 2022. Please be advised of the following clarification in the effective dates of the changes.
Effective for loans locked on or after April 1, 2022:
- Deferred Payment Loan (DPL): $12,500 maximum loan amount
Effective for existing locks (regardless of lock date) and new loans locked as of April 1:
- DPL & DPL Plus Post-closing Liquid Asset Limit: Greater of 8 months PITIA or $12,000
The maximum loan amounts for DPL Plus ($15,000) and Monthly Payment Loan ($17,000) have not increased.
Closing and Loan Delivery Essentials with U.S. Bank
Join Minnesota Housing and U.S. Bank HFA Division on Thursday, May 19 from 9:00 - 10:00 a.m. to learn how to avoid the top 10 most common loan deficiencies that slow down loan purchase. We will also provide a tour of how to utilize the U.S. Bank Selling Guide to streamline loan delivery and purchase. This is a great training for lenders and for staff whose work involves preparing and closing documents, post-closing file delivery, or operations management. Click here to register.
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!
New Conventional Loans eLearning Module Available
We are excited to announce the launch of a new eLearning module, Navigating Conventional Loans! Learn about the benefits of Minnesota Housing’s exclusive Conventional Loan products and how they can help borrowers in today’s housing market. This module is available on-demand and is easy to fit into your busy day. View the instructions to create an eLearning account to access this module and other on-demand trainings. If you have already created an account, click here to login.
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, May 12
- Thursday, June 9
- Thursday, July 14
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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