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Minnesota Housing Closed on Labor Day
Minnesota Housing will be closed on Monday, September 2 in observance of Labor Day. Lenders will be unable to lock loans from 5 p.m. on Friday, August 30 to 10 a.m. on Tuesday, September 3.
Reminder: 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.
Household Size Statement Update
We removed the Name and Signature of Lender to make the Household Size Statement easier to complete.
Reminder: 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
Start Up Eligibility Income for
Non-Purchasing Spouse
Question: Is the non-purchasing spouse's income included or excluded in the Program Eligibility Income calculation for Start Up?
Answer: Included!
In addition to a non-purchasing spouse, also include income from the following people:
- The Borrower - a person who will have title to the property and will sign the mortgage.
- A person expected both to live in the residence being financed and is a legal spouse of a Borrower.
- An occupant co-signer - a person expected both to live in the residence being financed and to sign or guarantee the mortgage note.
Review the Start Up Program Eligibility Income Worksheet or Eligibility and Qualifying Income Reference Guide for more information.
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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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