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Avoiding Errors on First-Generation Homebuyer Loan Program
First-Generation Homebuyer Affidavit must be fully executed to be valid, which means:
- Signed by the borrower prior to or at closing
- Signed by the borrower who meets the First-Generation definition for program eligibility
- Complete the County and State where the document was signed (common mistake)
- At least one check-box marked, and all other fields complete
First-Generation Loan Eligibility Worksheet is required to be fully completed by the lender the to confirm borrower eligibility and must be uploaded by the lender on all First-Generation Homebuyer Loans.
Disclosing First-Generation Homebuyer Loan: The First-Generation Homebuyer Loan may have a balloon payment. Each downpayment and closing cost loan must be disclosed separately. See Downpayment Loan Disclosure Information
Reminder: First-Generation Loan Program Critical Lender Update Training
Join Minnesota Housing on Thursday, August 22 at 9 a.m. for First-Generation Loan Program critical lender updates. We will go over important updates to required forms, highlight common mistakes and provide guidance to help you avoid those errors. We will also do a website tour to share supportive resources.
Reminder: Minnesota Housing First-Generation Homebuyer Loan Still Available!
Minnesota Housing’s First-Generation Homebuyer Loan Program is available. The program offers loans up to $35,000 for customary costs. Borrowers are required to use a Start Up First Mortgage loan to access the First-Generation Homebuyer loan. The program has funding to serve approximately 1,500 eligible borrowers on a first-come, first-served basis.
See the First-Generation Homebuyer Loan Program consumer webpage for updates on available funds.
Reminder: Loan Officer NMLS Required in System
Our commitment system was recently updated, so all Start Up and Step Up loans now require a valid Loan Officer NMLS ID in order to print documents or lender certify the loan. Without a valid Loan Officer NMLS ID, lenders will receive a warning and error message and will be unable to complete the desired actions in the system.
To fix the error, contact your web administrator. Your company’s web administrator must add the Loan Officer’s NMLS number to the loan commitment system. Verify the Loan Officer’s national NMLS number shows as Active.
Please contact Partner Solutions Team if you have additional questions.
U.S. Bank Lender Portal Training Opportunities
U.S. Bank is offering Lender Portal Lender Administrator and User Trainings this month for lenders who may have missed a previous session or would like more training on the new system.
This is an end-to-end training highlighting each role within the Lender Portal and the user experience, including:
- Loan reservation, creating/registering a single loan as well as loan cancel.
- Submit credit package and/or closed loan package for purchase.
- Conditions are listed inside of the loan and may be easily submitted for review.
- AllRegs, training material and communication pertinent to the Lender Portal.
- Lender Administration of user set-up and permissions within the portal.
Registration is not required. You can join the session by using the following link: https://www.microsoft.com/microsoft-teams/join-a-meeting
Lender Portal Administrative and User Training sessions:
August 21 & 23
11 a.m. Central time
Enter the Meeting ID and Passcode.
Meeting ID: 263 444 002 093
Passcode: nrnwNB
August 20 & 22
3 p.m. Central time
Enter the meeting ID and Passcode.
Meeting ID: 275 068 587 682
Passcode: iQrsrh
Monthly Training Webinars
Register for our monthly webinar series. We have a special offering in September to highlight the Community Land Trust model and in October we will have representatives from Fannie Mae and Freddie Mac presenting information on our exclusive conventional loan products. This a great opportunity to ask the expert. These webinars also provide tips and best practices to help you successfully originate and close Minnesota Housing loans.
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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