 Mortgage Loans Document Update| #28-2024
We have made changes to the following form:
- First-Generation Homebuyer Eligibility Worksheet
What changed in this document?
- First-Generation Homebuyer Eligibility Worksheet
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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.
Timeline:
May be used immediately and must be used for all First-Generation Homebuyer Loans closed on or after May 23, 2024.
Must be used immediately for all loans where the borrower owns/owned real estate (Lender Training instructed lenders to access the update First-Generation Homebuyer Loan Eligibility Worksheet in the Forms Guide and Glossary.)
First-Generation Homebuyer Loan Document Timing
On March 28, 2024 we released the First-Generation Homebuyer Loan documents to documents subscribers (Mortgage Loans Document Update #25-2024) with the implementation date as “must be used for loans closed on or after First-Generation Homebuyer Loan Launch Date (TBD).” On April 18, 2024 we sent a Homeownership Lenders eNews announcing the target launch date for the First-Generation Homebuyer Loan as May 6, 2024, and we confirmed the launch with a Homeownership Lenders eNews on May 6, 2024. We apologize if we caused confusion by not sending a separate eNews with those same announcements to documents subscribers.
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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