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First-Generation Homebuyer Loan Program Update
As of today, approximately $10 million remains in our First-Generation Homebuyer Loan Program. To keep track of funds remaining, check the First-Generation Homebuyer Loan commitment tracker on our First-Generation Homebuyer Loan webpage. This pie chart shows the percentage of funds used versus the percentage of funds available. The First-Generation Homebuyer Loan commitment tracker will be updated weekly.
Update to Start Up Income Eligibility
Minnesota Housing has updated the Start Up Income Eligibility Worksheet to reflect the recent change to income determination of Veterans Disability Benefits set by the tax code. This update is only for the Start Up income eligibility calculation. Review the Eligibility and Qualifying Income Reference Guide for further guidance on eligibility and qualifying income.
Upcoming Homeownership Program Training Opportunity
Please join us on Tuesday, November 12 for a Homeownership Lending Programs In-Person Training. We will provide an overview of our Start Up first-time homebuyer loan program, review the Step Up program, and go through downpayment and closing cost program loan options. We will do a deep dive into Income Essentials where we will discuss Program Eligibility Income and Qualifying Income. We will also share program updates from our Homeownership & Home Improvement Teams. We look forward to seeing you soon!
Importance of True & Certify
Avoid loan purchase delays by completing the True & Certify process as soon as your loan has closed. The information in Minnesota Housing's commitment system must match the closed loan file, so verify the information in our system is correct before completing the True & Certify.
Review the file information, including:
- Minnesota Housing program eligibility income and loan qualifying income
- Correct AUS findings matching lock in the commitment system
- Product and/or program for first and second mortgage, if applicable
- Property value and loan amounts
- Loan officer name and NMLS# are listed
- All borrower and co-signers listed correctly
Once all information has been verified, check the box to complete the True & Certify process in the Minnesota Housing commitment system. Upload the closed loan file for both the commitment system and U.S. Bank Home Mortgage - HFA Division.
Need a refresher? Review the demo on True & Certify located in the Partner Portal on the Loan Commitment System webpage.
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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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