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Document Updates
First-Generation Homebuyer Affidavit Update
We identified a recurring deficiency related to the completion of the First-Generation Homebuyer Affidavit. Specifically, borrowers often fail to complete the form in its entirety, particularly the section requiring the County and State Where Signature Occurred. To address these deficiencies, we added a Cover Sheet to help homebuyers execute a valid First-Generation Homebuyer Affidavit. We also reformatted the County and State Where Signature Occurred.
The updated form (version date 08/22/24) may be used immediately and must be used starting on 9/5/2024.
First-Generation Homebuyer Eligibility Worksheet and DPL Plus Eligibility Update
First-Generation Homebuyer Eligibility Worksheet change:
Changes on both eligibility worksheets:
- We removed the Signature of Worksheet Preparer line to make the form easier to complete.
The updated forms (version date 08/22/24) may be used immediately and must be used starting on 9/5/2024.
The new forms are available in the Forms Guide and Glossary and will be updated in our commitment system on 8/26/2024.
Household Size Statement Update
We removed the Name and Signature of Lender to make the Household Size Statement easier to complete.
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 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.
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 23
11 a.m. Central time
Enter the Meeting ID and Passcode.
Meeting ID: 263 444 002 093
Passcode: nrnwNB
August 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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