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Hazard Insurance Mortgagee Instructions Update
We added further clarification to the Start Up | Step Up | Hazard Insurance Mortgagee Clause Instructions document around our mortgagee clause requirement for our downpayment and closing cost loans (DPA). If applicable, the second and third Minnesota Housing DPA loan may be combined in the same mortgagee clause with each individual loan number listed.
Minnesota Housing Closed for Fourth of July
Minnesota Housing will be closed on Thursday, July 4 for the Fourth of July holiday. Lenders will be unable to lock new loans from 5 p.m. on Wednesday, July 3 through 10 a.m. on Friday, July 5.
Reminder: 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.
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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