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Reminder: First-Generation Homebuyer Loan Program is Launching Soon!

Reminder: Document Updates - Effective 5/6/2024

To prepare for the First-Generation Homebuyer Loan Program and some additional upcoming program changes, we updated the Start Up Procedural Manual (effective date 5/6/2024) and Step Up Procedural Manual (effective date 5/6/2024).

What changed?

See Summary of Changes: Start Up | Step Up Procedural Manuals and Borrower Affidavit for a detailed overview. High level overview of changes included below.

Start Up Procedural Manual (effective date 5/6/2024) updates and additions:

• Chapter 7: First-Generation Homebuyer Loan Program as another downpayment assistance loan option
• Chapter 4: Clarified First-Time Homebuyer eligibility criteria relating to spousal ownership history and previous manufactured home ownership
• Chapter 5: Added clearer guidance on eligible property types and eligible forms of ownership
• Chapter 2: Sections on Fraud, Conflict of Interest, Suspension, and Disclosure and Reporting

Step Up Procedural Manual (effective date 5/6/2024) updates and additions:

• Chapter 5: Clearer guidance on eligible property types and eligible forms of ownership
• Chapter 2: Updated the sections on Fraud, Conflict of Interest, Suspension, and Disclosure and Reporting

Borrower Affidavit (Start Up) Update Effective 5/6/2024

• We updated the Borrower Affidavit (Start Up) to align with the Start Up Procedural Manual (effective date 5/6/2024). The updated Borrower Affidavit (version date 4/10/2024) must be used for all loans closed on or after 5/6/2024. The change will be effective in the Minnesota Housing commitment system on 5/6/2024. For lenders not generating documents from the Minnesota Housing commitment system, document managers were notified separately regarding these document changes.

What changed?

See Summary of Changes: Start Up | Step Up Procedural Manuals and Borrower Affidavit for a detailed overview. High level overview of the Borrower Affidavit changes included below.

• Updated language in section #8 related to First-Time Homebuyer eligibility
• Updated the signature section

Review the Lender Directory for Accuracy Consumers use the Minnesota Housing Lender Directory to search for a lending partner. Keep your information current: Office locations can be listed in the Lender Directory with your company logo. A loan officer can be listed with a company logo and photo. Lenders can update directory information by selecting Update your contact information in the bottom right corner of the Lender Directory page.

Reminder: 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:

• Borrower Affidavit (Start Up)
  • In December 2023, we removed the requirement for the document to be notarized, but the county and state where the document is signed must still be completed.
• Subsidy Recapture Statement and Tennessen Warning
• Notice to Buyers FHA/VA
• Notice to Buyers Conventional/RD

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

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.

www.mnhousing.gov

In connection with Single Family Division loan programs, Minnesota Housing is neither an originator of loans nor a creditor and is not affiliated with any Lender. To find out if you are eligible, or to apply for a loan, please contact a participating Lender.