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Minnesota Housing Closed for Thanksgiving
Minnesota Housing will be closed on Thursday, November 27 and Friday, November 28 for Thanksgiving. Lenders will be unable to lock loans from 5 p.m. on Wednesday, November 26 to 10 a.m. on Monday, December 1.
Reminder: 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, 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, which are in place until U.S. Bank announces otherwise.
Reviewing Bank Statements for Additional Income on Start Up Loans?
YES! Start Up is a Mortgage Revenue Bond Loan and follows IRS Tax Code for the Eligibility Income Calculation with other income sources, such as:
- Uber/Lyft, Door Dash, Instacart, Shipt, side jobs, etc.
- Income from trusts, annuities, dividends, royalties, interest earned from non-retirement accounts (savings, checking, money market investments, virtual currency, mutual funds, etc.)
Review all bank statements for additional income for a Start Up loan and obtain a letter of explanation from the borrower for all non-payroll deposits. Use the Start Up Eligibility Income Worksheet to review and calculate included or excluded income.
For additional questions, please contact the Partner Solutions Team.
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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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