[ The latest news for Minnesota Housing real estate agents]
Minnesota Housing Remains Open for Business

Minnesota Housing remains open for business and focused on working with our partners to serve the people of Minnesota. Our staff is working remotely, but is available to assist you during our normal business hours of 8:00 a.m. to 5:00 p.m.

You can reach the Partner Solutions Team by email at mnhousing.solution@state.mn.us or by phone at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.

U.S. Bank Home Mortgage—HFA Division remains open for business as well. Their fulfillment teams are working from home with no disruption in service levels. For additional information see U.S. Bank Bulletin B-2020-07 on Key Impacts and Process Updates. 

Overlays Clarification

Rumors are circulating about new U.S. Bank overlays on loans when any funds used for closing costs or downpayment are not the borrower’s own funds or gift funds. This overlay does not apply to Minnesota Housing loans because this overlay does not apply to the HFA Channel and only applies to loans delivered through U.S. Bank’s Correspondent Channel.

Downpayment and Closing Cost Loan Changes

Effective for loans locked on or after March 2, we increased our downpayment and closing cost loans maximum loan amounts as follows:
  • Deferred Payment Loan: Up to $10,000
  • Deferred Payment Loan Plus: Up to $13,000
  • Monthly Payment Loan: Up to $17,000 
Step Up Purchase Price and Refinance Loan Amount Limits Changes

Effective March 2, purchase price/refinance loan amount limits for the Step Up loan program are based on the type of property the borrower is purchasing and the area of the state in which the property is located.

Location                     One Unit                  Two Units                 

11-County Metro         $382,950                  $490,250

Balance of State          $331,760                  $424,800
REP Session CE Classes Postponement

In light of COVID-19 developments and executive orders from the CDC and Governor Walz, Minnesota Housing is making efforts to practice social distancing and minimize unnecessary social contact to the extent possible. We value your health and safety and that of our agency employees. For this reason we are shifting many of our upcoming meetings and events by canceling, postponing, or converting to phone calls, depending on the event.

All Real Estate Professionals sessions for
CE credit scheduled through May 30, 2020 have been postponed.

We have removed all registration postings from our
website

Once we are back to “business as usual” those hosting the classes will be contacted to reschedule.
Questions?
Reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.
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