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Clarification: Marital Interest Review for Start Up and First-Generation Homebuyer Loan Program
Recently we revised the definition of ownership interest to include a Borrower’s marital interest in a primary residence in section 4.05 and section 7.16 of the Start Up Procedural Manual, effective June 6, 2024.
As always, if a borrower was ever on title to their primary residence, that is an ownership interest.
When reviewing for martial interest for both Start Up and First-Generation Homebuyer Loan Program eligibility, check for the following:
- Marital interest does not exist if the primary residence was acquired by a spouse of the Borrower prior to the marriage AND the Borrower was not added to the title at any period during the occupancy.
- Marital interest does exist if the primary residence was purchased by a spouse of the Borrower during marriage (even if the Borrower was not on title).
- Program eligibility prior ownership look-back period:
- First-Generation Homebuyer Status: Ever
- Start Up First-Time Homebuyer Status: Last three years (prior to the closing date)
Refer to Marital Interest Examples Start Up and First-Generation.
This guidance is for properties in Minnesota, if the primary residence of the Borrower was in another state, reach out to Partner Solutions Team for guidance.
Reminder: Borrower Affidavit and First-Generation Homebuyer Affidavit
In December of 2023 we streamlined the process for the borrowers signing the Start Up Borrower Affidavit form and removed the requirement to have the document notarized. The County and State where the document is signed must still be completed.
This is required on both the Start Up Borrower Affidavit and the First-Generation Homebuyer Affidavit.
Reminder: First-Generation Homebuyer Affidavit Update
The updated First-Generation Homebuyer Affidavit (version date 06.04.24) must be used for loans locked on or after June 6, 2024 and may be used for loans closed on or after June 6. We previously sent a preview of this updated form that included a section collecting the Parents’/Guardians’ names and last known address, but that section was removed from the final version of the form that became effective on June 6, 2024.
The updated First-Generation Homebuyer Affidavit is available in the Forms Guide and Glossary as a fillable form.
Reminder: FHA Condo Spot Approval
Minnesota Housing has updated the Credit and DTI Matrix to reflect that lenders with delegated authority may now do FHA condo spot approvals up to 90% LTV/100% CLTV. This is applicable to Minnesota Housing loans only. Please see the Minnesota HFA Government Loan Product Guide on U.S. Bank HFA Division Allregs.
Join Us at an Upcoming Event
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We partner with lenders and real estate professionals at community events throughout the state to provide information, resources, and unique opportunities to connect and empower Minnesotans to succeed in their housing goals.
Contact El Karnwie-Tuah to learn more about partnering with us at these or other upcoming events, or come and check out our booth!
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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:
- 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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