 Temporary Interest Rate Buydowns Prohibited
Recently U.S. Bank published SEL-2023-045 making updates to their Temporary Interest Rate Buydown guidelines.
Minnesota Housing does not allow Temporary Interest Rate Buydowns for any of our first mortgage programs or downpayment and closing cost loans.
Financing for High-Quality Manufactured Homes Available with Freddie Mac CHOICEHome®
We recently made an update to the Credit and Debt to Income (DTI) Matrix to include the CHOICEHome®, which is a Freddie Mac mortgage option for factory-built homes built to HUD code and with many features of a site-built home. When a factory-built home meets certain specifications, it's granted CHOICEHome certification and is eligible for CHOICEHome financing, which allows up to 97% LTV/105% CLTV and the same Freddie Mac underwriting parameters you would use for site-built homes.
For more information on this product option visit Freddie Mac’s CHOICEHome® web page.
Reminder: Coming Soon! Multi-Factor Authentication for
Minnesota Housing Loan Commitment System Users
Security is important in our personal and professional lives, and many websites and programs now require a multi-factor authentication by requesting a code either through email or text to maintain security.
On the morning of Saturday, August 12, Minnesota Housing will be implementing a multi-factor authentication in the Minnesota Housing loan commitment system. For this reason, our commitment system will be unavailable from 7 - 9 a.m. on Saturday, August 12.
After implementation, you will need to obtain a code via your email or by text to complete your sign-in process. Your company web administrator may be requesting one of the following from you based on your preference to receive a code:
- Work email address, or
- Cell phone number and cell phone carrier information
New! Assignment of Mortgage Best Practices
The Assignment of Mortgage for the Minnesota Housing downpayment and closing cost mortgages continues to be a top deficiency for lenders.
See the new Best Practices for Assignment of Mortgage:
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Reminder: Community Land Trusts
U.S. Bank Home Mortgage-HFA Division released a bulletin announcing updates to product eligibility for community land trusts. U.S. Bank permits community land trusts on Fannie Mae HFA Preferred™ and Freddie Mac HFA Advantage®.
Review the announcement for best practices and resources specific to community land trusts. We updated the following documents to reflect these changes:
Monthly Training Webinars - Register Today!
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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