 FICO Score for Manufactured Homes
Effective for new locks on and after May 5, 2023, the FICO requirements for manufactured housing have improved and are reflected on our Credit and DTI Matrix. Products/LTV/DTI combinations that previously required a 680 score now require a 660 score. The maximum DTI remains at 45% and manual underwriting is not allowed. Until the Minnesota Housing loan commitment system is updated to reflect the decreased credit score, contact the Partner Solutions Team at mnhousing.solution@state.mn.us for assistance locking your loan if you do not see a product for a manufactured home loan that should be valid based on the information in the Credit and DTI Matrix.
Register Today for the Closing and Loan Delivery Essentials Training May 18
Please join Minnesota Housing and U.S. Bank Home Mortgage-HFA Division for the Closing and Loan Delivery Essentials training May 18, 2023 from 9 a.m. – 10:30 a.m. In this training we will share the most common loan deficiencies that slow down loan purchase and provide tips to help successfully close Minnesota Housing loans. We will tour the U.S. Bank Selling Guide to help you streamline loan delivery and purchase. This is a great learning opportunity for anyone who works with loan files during the closing and/or post-closing process.
Start Up or Step Up?
The Start Up program is for first-time homebuyers, defined as those who "have not had an ownership interest in a principal residence in the last three years." If the borrower meets this definition, they are considered a first-time homebuyer.
Eligible downpayment assistance loans with Start Up:
- Deferred Payment Loan
- Deferred Payment Loan Plus
- Monthly Payment Loan
Step Up can be used for a first-time homebuyer who is not eligible for Start Up (typically, but not limited to, exceeding the income limits and/or purchase limits for Start Up), or if the borrower is not a first-time homebuyer.
Eligible downpayment assistance loans with Step Up:
Review the Start Up | Step Up Program Descriptions for further information.
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Join Us at an Upcoming Event
We partner with lenders and real estate professionals at community events throughout the state to provide information, resources, and unique opportunities to connect and empower Minnesotans to succeed in their housing goals.
Contact El Karnwie-Tuah to learn more about partnering with us at these or other upcoming events, or come and check out our booth!
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Monthly 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 seeing you there!
The webinars take place on Thursdays from 9 a.m. - 10:30 a.m. Central time. Please visit the links to register:
Monthly Update & Hot Topics Call
The Monthly Update & Hot Topics 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 for the upcoming calls.
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 a.m. - 10 a.m. Central time.
Upcoming Sessions:
- Thursday, May 11
- Thursday, June 8
- Thursday, July 13
- Thursday, August 10
- Thursday, September 14
- Thursday, October 12
- Thursday, November 9
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 a.m. and 5 p.m. on business days.
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