Homeownership Programs eNews
November 7, 2018
[ The latest news for Minnesota Housing homeownership lender partners ]
Property Eligibility and Manufactured Home Updates
The following changes to property eligibility and manufactured home requirements are effective for loans locked on or after November 7, 2018.
Changes to Fannie Mae Preferred Risk Sharing™:
  • Duplexes are eligible
  • Manufactured homes taxed as real property are eligible
Changes to government loans (RD, VA, FHA):
  • Minimum credit score for borrowers financing manufactured homes (taxed as real property) has increased to 680
All Minnesota Housing loans for manufactured homes (taxed as real property):
  • 45% maximum DTI
The following guides in our Lender Toolkit have been updated to reflect these changes:
Office Closed on Veterans Day
Minnesota Housing will be closed on Monday, November 12, 2018 in observance of Veterans Day. Lenders will be unable to lock loans between 5:00 p.m. on Friday, November 9 and 10:00 a.m. on Tuesday, November 13.
Space Still Available at Our Rochester Training: Originating and Closing Minnesota Housing Loans
Who: Anyone working with Minnesota Housing home mortgage programs
Where: Rochester Community and Technical College, Heintz Center Campus, Rochester
What: In this interactive session, you’ll learn:
  • How to help borrowers and increase your book of business
  • Tips for successful loans
  • Updates to keep you in the know on our programs
Register Here
For questions or to modify your registration, please contact Nicola Viana at 651.297.9510.
Monthly Minnesota Housing Update and Underwriter Call
Join us monthly to review recent Minnesota Housing updates and important information to help you originate and process our loans. Click here to register for monthly calls. You will be signed up for all sessions, but can attend the sessions that work for you.
All calls occur on the second Thursday of the month from 9:00-10:00 a.m. CST. Upcoming sessions are:
  • Thursday, November 8
  • Thursday, December 13
  • Thursday, January 10
More On-Demand Training Opportunities
Our eLearning modules are a great way to learn if you can't make it to in-person trainings or if you want a refresher before you attend an in-person session. Modules are short and on-demand:
  • Conventional Products - NEW!
  • Intro to Minnesota Housing
  • Start Up Eligibility Basics
  • Start Up Income Training
  • Start Up Forms
  • Downpayment and Closing Cost Loans
View the instructions to create an eLearning account to access these on-demand trainings. If you already created an account, view your training record and take the course.
We also have the following recorded trainings available:
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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