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First-Generation Homebuyer Loan Program Update and Manual Commitments
Funds are going fast! As of today, approximately $1.7 million remains in the Minnesota Housing First-Generation Homebuyer Loan Program. That means we have enough funds for about 44 more loans to be locked. To keep you informed as funds draw down, we are updating the First-Generation Homebuyer Loan commitment tracker on our First-Generation Homebuyer Loan webpage daily. This pie chart shows the percentage of funds used versus the percentage of funds available. Once we reach $1 million in remaining funds we will update the First-Generation Homebuyer Loan commitment tracker twice a day. Please check the tracker regularly and communicate to prospective eligible homebuyers that funds are limited and will soon run out.
Manual commitment process coming tomorrow
On December 13, 2024, we will transition to a manual commitment request process for the Minnesota Housing First-Generation Homebuyer Loan. 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. Please note that submitting the form does not guarantee a First-Generation Homebuyer Loan Commitment – funding is contingent on the balance of the First-Generation Homebuyer Loan Program funds available.
First-Generation Homebuyer Loan Manual Commitment Request Process:
(Note: All other loans follow the standard commitment system process.)
- The First-Generation Homebuyer Loan Manual Commitment Request Form will be posted the morning of Friday, December 13 in the following places:
- First-Generation Homebuyer Loan lender page
- Loan Commitment System info page, next to the Loan Commitment System guides
- Commitment System announcements page
- The form must ONLY be submitted by those who currently reserve and lock loans in the Minnesota Housing commitment system.
- Follow the instructions on the First-Generation Homebuyer Loan Manual Commitment Request Form to submit a completed form. Incomplete requests will not be considered.
- Once the Lender has submitted the First-Generation Homebuyer Loan Manual Commitment Request Form, Minnesota Housing will verify fund availability before committing the loan on the Lender’s behalf.
- We will notify the Lender within three (3) business hours of receipt of their completed form to inform them about whether funds were available for commitment or if funds were unavailable.
- Funding via the Manual Commitment process is at the sole discretion of Minnesota Housing. Lenders have no appeal rights should a First-Generation Homebuyer Loan Manual Commitment Request Form not result in a committed loan.
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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