 Mortgage Loans Document Update| #25-2024
We are making changes and updates to the following documents in order to:
- Get ready for the First-Generation Homebuyer Loan Program
- Implement additional program updates
- Provide Minnesota Housing Documents Checklists (by program/product/DPA combination) as an optional resource. See the updated Forms Guide and Glossary for comprehensive forms list (page 1), forms glossary with instructions, and Checklists Appendix.
Timeline:
Because many documents are involved with this update, we are giving you ample time to get these implemented into your system. As a result, some of the documents listed below do not yet have an identified implementation date. We will provide at least two weeks' notice of the actual implementation date. See below for timeline details.
What Documents and What Changed?
First-Generation Homebuyer Loan Program Documents - All NEW documents – stay tuned for implementation date. We will provide at least two weeks' notice of the actual implementation date.
- First-Generation Homebuyer Affidavit
- First-Generation Homebuyer Loan Eligibility Worksheet
- FHA DPA Commitment Form First-Generation Homebuyer Loan
- FHA Award Letter First-Generation Homebuyer Loan
- Minnesota Housing First-Generation Homebuyer Loan Note
- Minnesota Housing First-Generation Homebuyer Loan Mortgage
Minnesota Housing Mortgages and Notes Documents – may be implemented immediately and must be implemented by May 15, 2024.
- Minnesota Housing Deferred Payment Loan Mortgage
- Minnesota Housing Deferred Payment Loan Note
- Minnesota Housing Monthly Payment Loan Mortgage
- Minnesota Housing Monthly Payment Loan Note
What changed?
- Added field on Monthly Payment Loan Mortgage that needs to be programmed: Added a field for the lender to populate “Purchase Money Mortgage” for purchase transactions and to leave blank for refinance transactions. (While rare, Monthly Payment Loan can be used on refinance transactions.)
- Added mortgage registration tax (MRT) exemption language on mortgage
- Notes and Mortgages now are substantially similar to those used by many other Housing Finance Agencies around the country.
Additional Document Changes – See below for implementation timing.
- Start Up Borrower Affidavit
- Stay tuned for implementation date. We will provide at least two weeks' notice of the actual implementation date.
- Updated language in section #8 related to First-Time Homebuyer eligibility
- Updated the way the signature section incorporates the date, State and County where the Affidavit was signed
- FHA DPA Commitment Form DPL, DPL+ or MPL
- May be used immediately and must be used by the First-Generation Homebuyer Loan Program launch date - TBD
- Updated document name (f.k.a. FHA DPA Commitment Form)
- FHA Award Letter DPL, DPL+ or MPL
- May be used immediately and must be used by the First-Generation Homebuyer Loan Program launch date - TBD
- Updated document name (f.k.a. FHA Award Letter)
Minnesota Housing Documents Checklist - NEW optional resource
Added a complete list of Minnesota Housing documents required for Start Up or Step Up by each loan type (Conventional, FHA, RD, VA) and DPA loan combination. RTFs are available on the Single Family Loan Documents webpage to enable you to program them into your LOS if desired. PDFs are available in the Forms Guide and Glossary (see Checklist Appendix).
Where can I find the documents?
Click here to access editable Minnesota Housing loan documents for loans committed in the Commitment System.
The webpage is located on the Partner Portal section of our website. The portal is passcode protected. The passcode is partner.
Questions? Contact us at SF.BSPS.MHFA@state.mn.us.
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