 Huge News for Our Over 80% Area Median Income Limit Borrowers!
Effective for loans locked on or after November 16, 2022, both Fannie Mae and Freddie Mac have made pricing changes to all HFA Preferred™ and HFA Advantage® loans. All conventional borrowers who are eligible for the Minnesota Housing Start Up or Step Up loans will receive the same interest rate (by SRP option selected), whether they are over 80% AMI or not.
What about the MI coverage?
You must still follow your findings regarding the level of mortgage insurance that is required for your loan. Only borrowers with loan qualifying income under 80% AMI are eligible for charter rate MI.
What if my loan qualifying income changes?
If the borrower's qualifying income changes from over to under 80% AMI or vice versa, you will receive a message requiring you to reprice the loan. To clear the message, you must reprice and re-lock the loan, but the original pricing will remain.
Can you get a Start Up or Step Up loan without a downpayment loan?
Yes! Our loans do not have loan level pricing adjustments, so that can provide a rate advantage that makes a Start Up or Step Up loan a great option even without a downpayment and closing cost loan.
Closing & Loan Delivery Essentials Training with U.S. Bank
Register now to join us on Thursday, November 17 from 9:00 - 10:30 a.m. to learn how to avoid the top 15 most common loan deficiencies that slow down loan purchase. We will also provide a tour of how to use 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 closing documents or post-closing file delivery.
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:
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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