 FHA & Freddie Mac Product Changes
We are pleased to announce the following changes to our product offerings:
FHA changes effective immediately for all existing and new locks:
- Manual underwrites allowed
- FHA Streamlined Refinance option allowed
Freddie Mac Product changes effective for new locks on or after September 21, 2022:
- Start Up loans: non-occupant co-signers allowed (sign note, not mortgage)
- Step Up loans: non-occupant co-signers (sign note, not mortgage) and non-occupant co-borrowers (sign note and mortgage) are allowed
- Two-unit properties allowed
- Manufactured homes allowed
For details on the changes, see the following updated documents:
Same Great Call with a New Name
The Monthly Update & Hot Topics Call (FKA the Monthly Update and Underwriter Call) is open for everyone to attend, not just underwriters. During these calls we review recent Minnesota Housing updates and important information to help you originate and process our loans. Lenders are welcome to submit questions or topics to discuss on the call. This is a great venue to have more in-depth discussion on advanced topics
Please go 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, October 13
- Thursday, November 10
Start Up and Step Up Manual Updates
We have updated our Start Up Manual and Step Up Manual to reflect the following changes:
- Common Cents: Money & Homebuyer Education Class is an approved homebuyer education course.
- FHA Streamlined Refinance option is available through Step Up.
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:
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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