Homeownership Programs eNews
July 26, 2018
[ The latest news for Minnesota Housing homeownership lender partners ]
Conventional Cash to Close Grants Income Limit Changes
Income limits for the Conventional Cash to Close Grant used with the Freddie Mac HFA AdvantageSM option are changing. For most counties the income limits are increasing.
The updated income limits are available for new or existing Minnesota Housing commitments submitted or re-submitted to Loan Product Advisor® (LPA) on or after July 29, 2018. When submitted/re-submitted, LPA will automatically apply the more generous income limit (2017 or 2018).  
The updated Conventional Cash to Close Lender Guide will be posted on our website on July 30.
Reminder: 4% IPC Limit on HFA Preferred™ Loans Expiring
Loans using the 4% Interested Party Contribution (IPC) allowance on Fannie Mae HFA Preferred™ loans with an LTV above 90% must be purchased by U.S. Bank Home Mortgage, HFA Division by August 10, 2018. HFA Preferred loans purchased August 11, 2018 or later must defer to Fannie Mae HomeReady™ standard guidelines on IPCs. For more information and for additional loan requirements, refer to U.S. Bank Lender Operations Update L-2018-028.
Two New eLearning Modules Available
We are excited to announce that we have launched two new eLearning modules! The Introduction to Minnesota Housing (10 minutes) and the Start Up Eligibility Basics Training (15 minutes) modules have been posted on our eLearning training site.  
To access these modules, see the instructions below in "Training Opportunities".
Training Opportunities
If you are new to our programs or just need a refresher, please visit our training page and register for our August live webinars:
eLearning Modules (on-demand): 
  • Intro to Minnesota Housing - NEW! 
  • Income Training
  • Start Up Eligibility Basics - NEW!
  • Start Up Forms
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.
Recorded (on-demand):
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.
Twitter Facebook LinkedIn
www.mnhousing.gov
Manage your preferences | Opt out using TrueRemove™
Got this as a forward? Sign up to receive our future emails.
View this email online.
400 Wabasha Street North Suite 400
Saint Paul, MN | 55102 US
This email was sent to .
To continue receiving our emails, add us to your address book.
powered by emma
Subscribe to our email list.