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U.S. Bank Funding Fee
U.S. Bank Home Mortgage - HFA Division announced that for new loan reservations on or after September 15, 2025, the Housing Finance Agency Funding Fee is increasing from $400 to $475. The servicer’s $475 Funding Fee is incorporated into the Minnesota Housing interest rate. Do not charge this fee to the borrower. Minnesota Housing will be updating the Lock, Fee, and SRP Guide to reflect this change. Visit AllRegs and see SEL-2025-030: Upcoming Changes: Fee Schedule Updates (08/15/25) for more information.
Minnesota Housing Closed on Labor Day
Minnesota Housing will be closed on Monday, September 1 in observance of Labor Day. Lenders will be unable to lock loans from 5 p.m. on Friday, August 29 to 10 a.m. on Tuesday, September 2.
Start Up or Step Up?
The Start Up program is for first-time homebuyers, defined as those who "have not had an ownership interest in a principal residence in the last three years." If the borrower meets this definition, they are considered a first-time homebuyer.
Eligible downpayment assistance loans with Start Up:
Step Up can be used for a first-time homebuyer who is not eligible for Start Up (typically, but not limited to, exceeding the income limits and/or purchase limits for Start Up), or if the borrower is not a first-time homebuyer.
Eligible downpayment assistance loans with Step Up:
Review the Start Up | Step Up Program Descriptions for further information.
For further questions, email the Partner Solutions Team.
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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:
- 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.
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