[ The latest news for Minnesota Housing homeownership lender partners ]
Tips for Success:
New Loan Commitment System
True & Certify Process
  1. After the loan has closed, review and verify that all information in the Minnesota Housing loan commitment system matches the executed note(s) and the closed loan file.
  2. Once you have confirmed the information in the Minnesota Housing system is accurate, complete the True & Certify process by checking the Approve box and clicking Save.
Mortgagors Screen
You must add borrowers and vesting information to the Mortgagors screen for the mortgage to populate correctly.
Updated Loan Documents for Loans Locked in New System
Subsidy Recapture Disclosure Statement and Tennessen Warning
Minnesota Housing has updated the Subsidy Recapture Disclosure Statement and Tennessen Warning to add the Targeted Areas box that had been missing on the previous version. The new version (dated 5/29/19) will be required for all Start Up loans that close on or after June 14, 2019.
Borrowers who purchase homes in targeted census tracts are subject to the more generous subsidy recapture income limits listed on the Subsidy Recapture Disclosure form.
As a reminder, for Start Up Loans:
  • The Targeted Areas box on page 3 must be checked for properties located in targeted census tracts.
  • Look at the Property & Loan Information screen in the Minnesota Housing loan commitment system to see whether the property is in a Targeted Area.
  • You must print the form and manually check the Targeted Areas box if the property is in a Targeted Area.
Monthly Payment Loan and Deferred Payment Loan Notes
Minnesota Housing has updated the Monthly Payment Loan and Deferred Payment Loan Notes so the borrower name(s) will auto-populate on the signature page. The new notes (dated 5/24/19) will be required for all loans closed on or after July 1
Generating Documents in Your Own System
For lenders that use their own system to generate documents, we have provided the updated documents to your document management contacts and document management companies. If you are unable to comply with the implementation dates for each form, please contact our Partner Solutions Team.
June is Homeownership Month!
June is National Homeownership Monthy and many nonprofit and government partners offer free homebuyer education workshops throughout the month. Visit the Minnesota Homeownership Center's website to search for classes in your area and learn more. The free classes have no fee associated with them.
Minnesota Housing's homebuyer education policy:
If all borrowers are first-time homebuyers, at least one borrower must complete an approved homebuyer education course before closing. A copy of the certificate of completion must be in the loan file. Minnesota Housing does not have a homebuyer education certificate expiration date policy.
Approved Homebuyer Education:
  • Home Stretch
  • Pathways Home: A Native Homeownership Guide
  • Realizing the American Dream
  • Framework (online course)
Training Opportunities
Check out our quick, on-demand eLearning courses:
  • Intro to Minnesota Housing (10 minutes)
  • Start Up Eligibility Basics (10 minutes)
  • Start Up Income Training (25 minutes)
  • Start Up Forms (20 minutes)
  • Downpayment and Closing Cost Loans (10 minutes)
  • Conventional Products (10 minutes)
  • Post-Closing (10 minutes)
View the instructions to create an eLearning account and access these trainings. If you already have an account, view your training record and courses.
Recorded Trainings (on-demand):
Questions?
You can 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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