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Step Up Purchase Price & Refinance Loan Limits Increasing
Purchase price and refinance loan amount limits for the Step Up loan program are increasing for Step Up loans locked on or after January 2, 2024.
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Location
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Property Type
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Step Up Purchase Price/Refinance Limit
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11-County Metro
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One unit
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$515,200 (not changing)
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11-County Metro
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Duplex
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$659,550 (not changing)
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Balance of State
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One unit
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$498,257
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Balance of State
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Duplex
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$637,950
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We will update our website and applicable documents by January 2, 2024.
Minnesota Housing Closed for New Year's Day
Minnesota Housing will be closed on Monday, January 1 for New Year's Day. Lenders will be unable to lock new loans between 5 p.m. on Friday, December 29 and 10 a.m. on Tuesday, January 2.
Reminder: New Program Coming in 2024 for First-Generation Homebuyers
Minnesota Housing is excited to announce the First-Generation Homebuyer Loan Program offering downpayment assistance to first-generation homebuyers! We plan to launch the program in spring 2024.
Here’s what you need to know about the First-Generation Loan Program:
- Maximum loan amount of $35,000
- Forgivable if the borrower lives in the home
- Half forgiven at year 10
- Remaining balance forgiven at year 20
- Could be combined with a standard Minnesota Housing downpayment assistance loan, for a total of up to $53,000
- Available to Start Up borrowers who certify they are first-generation homebuyers
- Lending partners who offer our Start Up and Step Up loans will automatically be able to offer the First-Generation Homebuyer Loan Program – no separate lender approval is required.
To learn more, visit the new First-Generation Homebuyer Loan webpage located in the Partner Portal. As the program launch approaches, we’ll update the page with training opportunities and additional information on the new program.
The First-Generation Homebuyer Loan Program consumer webpage is also now available.
Reminder: Borrower Affidavit
We made changes to the Borrower Affidavit. This document must be signed at closing.
- We included a note at the top of the form that states: Power of Attorney is not allowed unless approved by Minnesota Housing.
- We added a Borrowers' declaration above the borrower signature lines that states: I declare under penalty of perjury that everything I have stated in this document is true and correct.
- We removed the requirement for the document to be notarized, but the county and state where the document is signed must still be completed.
The updated Borrower Affidavit must be used for loans closed on or after December 18, 2023.
Start Up Required Form -
Borrower Affidavit
The Borrower Affidavit form is a Mortgage Revenue Bond (MRB) document and required to be signed at closing by your borrower and submitted with your Start Up closed loan package.
- The Borrower Affidavit is frequently missing from the signed Start Up closed loan package and a top deficiency from US Bank Home Mortgage – HFA Division.
- Review the November 16, 2023 recorded webinar for the Top 15 Deficiencies from the Closing and Loan Delivery Essentials with US Bank and avoid delay in loan purchase.
- A sample copy of the document can be reviewed in the Forms Guide and Glossary located in the Lender Toolkit on the Partner Portal.
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New Series Sign-up: 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 advance topics.
Even if you registered for the monthly calls in 2023, you have to sign-up again to access the next series for 2024. Please go here to register for the 2024 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.
2024 Schedule:
- January 11
- February 8
- March 14
- April 11
- May 9
- June 13
- July 11
- August 8
- September 12
- October 10
- November 14
Monthly Training Webinars
Join Minnesota Housing for our monthly webinar series. These trainings lay out the basics of Start Up, Step Up, and our three Downpayment and Closing Cost loan options. These webinars also provide tips and best practices to help you successfully originate and close Minnesota Housing loans.
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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