New! Eligibility and Qualifying Income Reference Guide
Introducing the all new Eligibility and Qualifying Income Reference Guide.
This reference guide - along with the Eligibility Income Worksheet - can assist with understanding the difference between eligibility and qualifying income.
Eligibility income is used only for Start Up, to be sure the borrower is eligible for the program and income limit requirements for a Mortgage Revenue Bond loan. Review and complete the Start Up Eligibility Income Worksheet and include the necessary income.
Qualifying income is for Start Up or Step Up for the underlying product selected for the loan such as FHA, VA, Conventional and Rural Development. Qualifying income is used in the Automated Underwriting System (AUS) and is what the underwriter uses to qualify the borrower(s) for the mortgage payment. Qualifying income is also used to determine whether the borrower is under the Conventional Income Limits for Lower Cost PMI.
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Next Monthly Training Webinar Tomorrow July 20
Join Minnesota Housing for our monthly training webinar series. These trainings lay out the basics of Start Up, Step Up, and our three Downpayment and Closing Cost loans options. We also offer trainings on how to Navigating Conventional Loans and a training specific to Income Essentials. In these trainings, we offer tips and best practices to help you successfully originate and close Minnesota Housing loans.
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 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, 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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