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.