 Having issues opening eNews links? Here are few suggestions for easier viewing of links:
- Try using Firefox or Edge as the internet browser
- Make sure you have cleared your cache
- Select "View it as a webpage"
First-Generation Homebuyer Loan Program Update
Funds are going fast! As of today, approximately $4.5 million remains in the Minnesota Housing First-Generation Homebuyer Loan Program. To keep you informed as funds draw down, we will we continue to update 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.
Please talk to any First-Generation Homebuyer clients you are working with to make sure they understand that to use the First-Generation Homebuyer Loan Program they will need to lock before funds run out.
Reminder: Manual commitment process coming soon
In the near future we will transition to a manual commitment request process for the Minnesota Housing First-Generation Homebuyer Loan to enable us to verify fund availability before committing the First-Generation Homebuyer Loan funds. At that point lenders will no longer be able to lock a First-Generation Homebuyer Loan and/or make updates to existing First-Generation Homebuyer Loans in the commitment system on their own. First-Generation Homebuyer Loan funds will be committed on a first come, first served basis. Once all the First-Generation Homebuyer Loan funds have been exhausted, we will no longer be able to accept any more commitments.
To learn how to submit commitments manually, register for one of the Critical Lender Update calls:
Wednesday, December 4 from 1:30 - 2:30 p.m.
First-Generation Homebuyer Education Requirement Timing
As funds are winding down for the Minnesota Housing First-Generation Homebuyer Loan Program, it’s more important than ever to understand the homebuyer education requirements for the two statewide first-generation homebuyer programs.
Additional information about the eligible homebuyer education resources and other specific program requirements can be found on each of the program webpages. The two programs cannot be combined.
2024 Year End Updates and Panel Discussion
Join Minnesota Housing on Thursday, December 19 to learn important updates and highlights with our 2024 homeownership programs. You can look forward to a panel discussion with industry professionals to provide underwriting tips, suggestions to assist with smoothly processing files and how to reduce loan deficiencies. The panel will also share outreach methods used to reach historically underserved communities. Bring your questions! Register Today!
 |
|
Can mobile homeowners be First-Time Homebuyers?
If both of the following are true, then they are not a First-Time Homebuyer:
- The mobile/manufactured home is permanently affixed to a foundation
- The mobile/manufactured home was their primary residence within the last three years
If the manufactured home is anchored to the ground (as is typical in manufactured home parks) instead of attached to a foundation, then the homebuyer can still be considered a First-Time Homebuyer.
|
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.
|
