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FHA Refinance Maximum Combined Loan-to-Value Ratio
FHA is an allowable refinance option with Minnesota Housing's Step Up program. Minnesota Housing will consider a subordination request of an existing Minnesota Housing DPA loan. Per FHA underwriting guidelines:
- The maximum CLTV ratio for a rate and term refinance is 97.75%
- There is no maximum CLTV for an FHA Streamline Refinance
If you have further questions, please reach out to the Partner Solutions Team for assistance.
Refinance with Step Up?
Yes! Eligible borrowers may refinance using Minnesota Housing's Step Up loan.
Eligible refinance loan options:
- Refinance a Start Up or Step Up loan to a Step Up refinance loan.
- Subordination is permitted for Minnesota Housing Deferred Payment and Monthly Payment downpayment and closing cost loans when the new first mortgage is a Minnesota Housing loan.
- Refinance a first mortgage from another institution to a Step Up loan.
- A Monthly Payment Loan of up to $14,000 is available for eligible borrowers on a new refinance with Step Up.
- Step Up only allows a no cash out/limited cash out refinance loan.
- See U.S. Bank - HFA Division AllRegs for early payoff policy for first mortgages prepaid within 120 days after loan purchase.
For more information see the Step Up Procedural Manual or reach out to the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8 a.m. and 5 p.m. on business days.
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Reminder: U.S. Bank Final Documents Address Update
In SEL-2025-061, U.S. Bank Home Mortgage – HFA Division announced an updated mailing address for lenders to use when mailing final recorded documents. The address may be used immediately but must be used beginning February 23, 2026.
U.S. Bank National Association
Attn: CICR CN-KY-WHCI
800 Moreland St.
Owensboro, KY 42301-2046
Minnesota Housing's Assignment of Mortgage and Endorsement of Note document has been updated to reflect the address change.
2026 Monthly Training Webinars
Join Minnesota Housing‘s webinar training series designed to help you successfully originate our loans. This instructor led training lays out the basics of our Start Up, Step Up, and Downpayment and Closing Cost Loans. You’ll learn how they work, what eligibility criteria must be met as well as how to access tools and resources. Not to mention it’s a great opportunity to ask questions!
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 2026 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.
2026 Schedule:
- February 12
- March 12
- April 9
- May 14
- June 11
- July 9
- August 13
- September 10
- October 8
- November 12
- December 10
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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