Join Us:
Conventional Cash to Close Grant Webinars

Conventional Cash to Close Grant Reminders

Webinars
Please join us to learn more about the Conventional Cash to Close Grants available beginning August 3. 

Can’t make it? Check our training page after August 3 for the recorded version and PowerPoint slides.  

Overview
Third party grants will be available for a limited time to eligible Minnesota Housing conventional loan borrowers whose income is at or below the specified limit, based on county. Grants can be added to existing locks or when locking a new conventional loan. 

Unlike our Deferred Payment Loan and Monthly Payment Loan, these grants do not need to be paid back. Borrowers can still layer other community seconds and Minnesota Housing’s downpayment and closing cost loans with these grants. Grants are available until funds are exhausted.

For the qualifying income limits by county and step-by-step instructions, please see the Conventional Cash to Close Grant Lender Guide. The income limits for the grant are based on qualifying income (not program eligibility income).  
Important – Commitment System Changes
The Cash to Close Grant will impact the online commitment system beginning August 3 for all conventional loans. All existing and new conventional locks will need to complete an additional field in the online commitment system, regardless of whether the borrower is getting a grant or not. See details in the Conventional Cash to Close Grant Lender Guide.
U.S. Bank No Longer Accepts Freddie Mac Loans with Ownership Interest in Another Property

U.S. Bank will not purchase Freddie Mac loans locked on or after August 1, 2017 if the borrower(s) has ownership interest in another property at the time of closing. See U.S. Bank’s Lender Operation Update L-2017-027.

Our Freddie Mac HFA AdvantageSM product description has been updated to reflect this change.

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 page and register for our August 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.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
powered by emma
Subscribe to our email list.