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U.S. Bank HFA Division Seller Guide Update
Minnesota Housing loans are serviced through U.S. Bank. There have been two updates to the U.S. Bank Selling Guide that may impact Minnesota Housing loans:
Please read U.S. Bank's Seller Guide Update SEL-2025-047: Multiple Topics for guidance on changes to the Rural Development/USDA PITI (front-end) ratio.
Additionally, despite recent news the partial federal government shutdown may be coming to an end, please read U.S. Bank's Seller Guide Update SEL-2025-040A: Updated Temporary Government Shutdown Impacts for new reserve requirement guidance on conventional loans for federal Essential Employees.
Refinance with Step Up?
Yes! A borrower can refinance with Minnesota Housing's Step Up program.
Eligible loan options:
- Refinance a Start Up or Step Up program to a Step Up refinance loan.
- Subordination is permitted for the deferred payment or monthly payment second mortgage when the new first mortgage is a Minnesota Housing loan.
- Refinance a first mortgage from another institution to a Step Up loan.
- Monthly Payment Second Mortgage up to $14,000 is available on a new refinance with Step Up
Additional considerations:
- No cash out/limited cash out
- Borrowers can only have one Minnesota Housing downpayment assistance and closing cost loan at a time.
- See U.S. Bank - HFA Division AllRegs for early payoff policy for first mortgages prepaid within 180 days after loan purchase.
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Upcoming Training Opportunities - Register Today!
Monthly Update & Hot Topics Call
The Monthly Update & Hot Topics Call is for our lending and other community partners. 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 advanced topics. If you are a consumer, please visit www.mnhousing.gov to learn more about the programs we offer, the resources available to you and to find a participating lender.
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:
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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