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First-Generation Homebuyer Loan Program Info Session
Please join us Thursday, March 14 from 11 a.m. - noon for an information session on the First-Generation Homebuyer loan programs coming spring of 2024. This is not a formal training, but an info session to provide an overview of Midwest Minnesota Community Development Corporation’s (MMCDC) program and an overview of Minnesota Housing’s program. The session will also provide an opportunity for a brief Q&A.
Register today! After registering, we will send a Teams meeting invite on Monday, March 11.
For additional information about the programs, visit Minnesota Housing's First-Generation Homebuyer Loan Program webpage and MMCDC's First Generation Homebuyers Community Down Payment Assistance Fund webpage.
Document Updates
Condo Reviews
As a reminder, lenders with delegated underwriting authority do not need to submit condo approval to US. Bank Home Mortgage – HFA Division. Changes to the Fannie Product Guide and Freddie Product Guide have been made to reflect this updated guidance.
Eligible Ownership Post-closing
All Minnesota Housing programs require owner occupancy. If you have a non-occupant co-signer, reach out to the Partner Solutions Team for guidance. Changes to the Start Up | Step Up Program Description have been made to reflect this updated guidance.
The eligible forms of ownership interest include the following:
- Fee simple interest
- Joint tenancy
- Community Land Trust (CLT)
- Tenancy in common
- Tenants by the entirety
- Sole Ownership
Changes to the Fannie Product Guide and Freddie Product Guide have been made to reflect this updated guidance.
Start Up Income Eligibility
As a reminder, Borrowers cannot manipulate their income to be eligible. If you have a Borrower who recently quit their job, lost a job or is between jobs, reach out to Partner Solutions Team for additional guidance.
Changes to the Start Up Income Eligibility Worksheet have been made to reflect this updated guidance.
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.
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. Most calls occur on the second Thursday of the month from 9 a.m. - 10 a.m. Central time.
2024 Schedule:
- 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.
About Minnesota Housing
Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.
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