[ The latest news for Minnesota Housing homeownership lender partners ]
MCC End-of-Year Commitment Process and Potential Tax Reform Impact
Effective immediately, Mortgage Credit Certificates (MCCs) will be available for new commitments on a manual request basis only, rather than through the online commitment system.
To lock an MCC, please contact the Partner Solutions Team. We have enough funding for five more MCCs, and given current usage we anticipate those funds will cover new commitments through Friday, December 15. We will update the MCC page of our website if we anticipate funds may run out sooner and we will notify lenders when funds are exhausted.
If the proposed federal income tax reform legislation passes, lenders will need to close and fund approve all MCC transactions in the Minnesota Housing online commitment system by Friday, December 29 at 3 p.m. in order for the borrower to receive their MCC. Given that the draft tax reform language may change, we will update you as the situation evolves. If the legislation does not pass, lenders will need to close all loans with MCCs by December 31, 2017. 
Conventional Cash to Close Grant Amounts and Deadlines
When using a Conventional Cash to Close Grant, the full amount of the grant must be used; partial grants are not allowed.
  • Fannie Mae HFA Preferred and HFA Preferred Risk Sharing products: Entire $1,500 must be used.
  • Freddie Mac HFA AdvantageSM: Grant amount must be 200 basis points of the loan amount or 50 basis points of the loan amount (rounding up or down in $100 increments) depending on income.
Please see the Conventional Cash to Close Lender Guide for more information. 
When including the grant on the Closing Disclosure (page 3, section L, lines 1-5), be sure to label the grant as “Conventional Cash to Close Grant.”
Loans with Conventional Cash to Close Grants must close by December 31, 2017 and be purchased by February 15, 2018. 
Reminder: Mortgage Deed Amendments No Longer Required
In our September 28, 2017 eNews, we announced that “Mortgage Deed Amendments/ Addendums are no longer required for any Minnesota Housing loans, effective immediately for loans in all stages.”
If your organization uses its own system to generate forms, please remove the following forms from your system: 
  • Conventional/RD First Mortgage Deed Amendment
  • FHA Mortgage Deed Amendment/Tax-Exempt Financing Rider
  • VA Mortgage Deed Addendum
December Webinars
If you are new to our program or just need a refresher, please visit our training page and register for our December Webinars: 
Questions?
You can 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.
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