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First-Generation Homebuyer Loan Program Update
Funds are going fast! As of today, approximately $3 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 our First-Generation Homebuyer Loan Program they must have an executed purchase agreement and 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 First-Generation Homebuyer Loan commitments manually, review the recorded Critical Lender Update call using the link below:
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.
No Changes to Minnesota Housing Purchase Price Limits
While FHA, Fannie Mae, and Freddie Mac recently announced new loan limits, please note that at this time Minnesota Housing Purchase Price/Acquisition Cost limits remain unchanged.
To see the current Start Up and Step Up limits, visit the Lender Toolkit.
2024 Year End Updates and Panel Discussion
Join Minnesota Housing for a year-end update and panel discussion on Thursday, December 19. In addition to 2024 updates and highlights, we’ll host a lively panel discussion on underwriting and processing our loans, reducing loan deficiencies, and outreach methods to historically underserved communities. Bring your questions!
2025 Monthly Training Webinars
Join Minnesota Housing for our monthly webinar series. These trainings lay out the basics of Start Up, Step Up, and our three Downpayment and Closing Cost loan options. 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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