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Reminder: First-Generation Homebuyer Loan Program is Launching Soon!
Minnesota Housing’s First-Generation Homebuyer Loan Program is scheduled to launch on May 6.
To prepare, we’re holding training sessions for lenders. The sessions will cover how to use the First-Generation Homebuyer Loan Program with our other programs, enter it into the commitment system, disclose the loan and more.
Register for a virtual training session on:
Program Materials
Visit the First-Generation Homebuyer Loan Program lender webpage for more information on the program. The webpage includes program forms, updated Start Up Manual (effective May 6, 2024), responses to frequently asked questions and other resources. We’ve also created a flyer on the First-Generation Homebuyer Loan Program.
Program Details
The First-Generation Homebuyer Loan Program offers loans up to $35,000. Borrowers are required to be using a Start Up First Mortgage loan to access the First-Generation Homebuyer loan.
Borrowers may qualify as a first-generation homebuyer if one borrower and their parents or legal guardians:
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Have never owned a home (in any country) OR
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Owned a home but lost it due to foreclosure
Is Minnesota Housing's program the same as the First-Generation Homebuyers Community Down Payment Assistance Fund?
Questions?
eSignature Now Allowed on Most Documents
Minnesota Housing and U.S. Bank Home Mortgage - HFA Division will accept electronic signatures on documents including bond documents. Lenders must be compliant with federal, state, U.S. Bank and underlying product electronic signature requirements for both buyers and sellers signatures. U.S. Bank will accept seller eSignatures. Consult your compliance team as needed.
U.S. Bank - HFA Division requires eSignature approval for each lender. If not already approved, lenders should submit the Lender Approval Request for eSignatures form to U.S. Bank - HFA Division. If you have questions about the approval process, please contact the U.S. Bank Customer Care team at 800.562.5165.
eSignature is allowed on these Minnesota Housing Start Up bond documents:
Minnesota Housing does not allow borrower electronic signatures on any recorded documents.
U.S. Bank - HFA Division does not allow borrower electronic signature on:
- Notes and Modifications
- Any document requiring notarization or recording (for example, security instrument)
- IRS 4506-T
- See Allregs 900.C Funding Documentation Requirements for full list
Reminder: New MPL and DPL Notes and Mortgages
Starting April 25, 2024, Minnesota Housing is transitioning to new Note and Mortgage forms for our Monthly Payment Loan and Deferred Payment Loan programs.
What changed?
- The loan terms have not changed. The forms are now substantially similar to the notes and mortgages used by a number of Housing Finance Agencies around the country, providing more consistency across different programs.
- Added mortgage registration tax (MRT) exemption language on the mortgage
- Mortgage for purchase transactions now includes “Purchase Money Mortgage” language
When?
- Our system will transition to the new forms on April 25, 2024.
- Lenders who use their own systems must use the new forms for all loans closed on or after May 15, 2024 (and may implement before that date).
The updated forms below will be added to the Lender Toolkit on April 25, 2024:
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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