 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"
Start Up & Step Up Procedural Manual Updates
We made updates to our Start Up and Step Up manuals effective July 9, 2025. These updates will continue to protect homebuyers in Minnesota from unreasonable fees and closing costs.
Revisions to the Start Up and Step Up manuals include:
- Prohibits high-cost mortgage loans for both Start Up and Step Up
- Limits total points and fees on the first mortgage to a maximum of 5% of the first mortgage amount
- Specifically prohibits lenders from charging a “Minnesota Housing Fee” or similar on first or subordinate mortgages
- Incorporates language from the Lock, Fee, and SRP Guide regarding limitations on origination fees/discount points (based on SRP option selected) and prohibiting lender fees on subordinate mortgages (while allowing some third party fees)
The revised manuals also include minor clarifications and non-substantive edits.
Lock, Fee, and SRP Guide Updates
We made updates to the Lock, Fee, and SRP Guide to be consistent with the updates to the manuals (as described above), in addition to the following guidance:
- Extension fees are waived for both Start Up and Step Up short-sale or bank-owned properties.
- Fees on DPA loans must be disclosed separately from first mortgages, per industry standard requirements. See Downpayment Loan Disclosure Information.
Monthly Update & Hot Topics Call
The Monthly Update & Hot Topics Call is open for everyone to attend. During these calls we review recent Minnesota Housing updates and important information to help you originate and process our loans. Lenders are welcome to submit questions or topics to discuss on the call. This is a great venue to have more in-depth discussion on advance topics.
Register for the 2025 calls.
When you register, you will be signed up for all sessions in the series but can attend the sessions that work for you. Most calls occur on the second Thursday of the month from 9-10 a.m. Central time.
2025 Schedule:
- July 10
- August 14
- September 11
- October 9
- November 13
- December 11
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 2024, we distributed $1.96 billion in resources and served 73,650 households. Visit our website to learn more.
|
