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First-Generation Homebuyer Loan Program Field Selections Required on All Start Up Locks
As of May 6, 2024, all Start Up locks require:
- Borrower(s) First-Generation Homebuyer status selection (Yes/No/Unknown)
- If No or Unknown is selected for all borrowers, save and exit. No further action is needed.
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If Yes is selected for any borrowers
- You must answer the question: Does this transaction include a Minnesota Housing First-Generation Homebuyer Loan? (Yes/No). IMPORTANT: Only select Yes if the borrower is getting a Minnesota Housing First-Generation Homebuyer Loan.
Multiple validation errors will occur if those selections are not completed. These validation errors may appear when the rules run, such as when you reprice, order documents or True and Certify a loan.
First-Generation Homebuyer Loan Eligibility Worksheet Updates
We made the following updates to the First-Generation Homebuyer Loan Eligibility Worksheet (version date 4/30):
- If a First-Generation Homebuyer owns/owned real estate, the lender must document the borrower’s residence history in each year of ownership to document non-owner-occupancy.
- Lender must submit residency documentation to Minnesota Housing for second level review.
Implementation Timing:
- Must be used immediately for all loans where the borrower owns/owned real estate. (Form is available in the Forms Guide and Glossary.)
- Must be used for all loans closed on or after May 23, 2024.
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.
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:
- May 9
- June 13
- July 11
- August 8
- September 12
- October 10
- November 14
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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