New Maximum Downpayment Loan Amounts Effective February 3

New Maximum Downpayment and Closing Cost Loan Amounts
2015 was a great year for Minnesota homebuyers. We’re thankful for partners like you, who helped us achieve the most home mortgage loan commitments in a program year to date. 
High loan production means record demand for downpayment and closing cost loans. We’re happy to announce an increase in the maximum loan amount for the Monthly Payment Loan. In order to stretch our Deferred Payment Loan resources, we slightly lowered the maximum amount for this program.
What's New
Loans are still available up to the greater of $5,000 or 5% of the purchase price. If 5% of the purchase price is more than $5,000, these new maximum loan amounts apply: 
  • Monthly Payment Loan: $10,000 maximum (was $7,500)
  • Deferred Payment Loan: $5,500 maximum (was $6,000)
There is no change to Deferred Payment Loan Plus, which has a $7,500 maximum for eligible borrowers.
Maximum loan amounts are effective for new loans locked in the Commitment System on or after February 3.
Learn More
U.S. Bank Funding Fee Update
Effective for loans locked on or after February 3, the $400 U.S. Bank HFA Division Funding Fee will be incorporated into the borrower's interest rate. Do not charge this fee on the Loan Estimate and Closing Disclosure. 
As a result of this change, buyers will see their closing cost lowered with minimal impact on their rate.  
U.S. Bank Critical Lender Update
Minnesota Housing and U.S. Bank HFA Division, Operations, invite you to learn more about the loan review turntime improvement plan that U.S. Bank is implementing. This conference call will cover a brief update from Minnesota Housing, and will focus on U.S. Bank’s implementation plan and timeframe for loan purchase service improvements. The structure for lender communication in the loan review process will be highlighted.
We look forward to your participation in this important call and thank you for continued commitment to Minnesota Housing programs and the families we’re able to collectively serve. 
Need a Minnesota Housing Refresher?
Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training web page for more details and register for these upcoming Webinars:
Reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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