Homeownership Programs eNews
December 23, 2020
[ The latest news for Minnesota Housing homeownership lender partners ]
Minnesota Minnesota Housing Update & Underwriter Call: New Series Sign-up
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 the monthly calls.
Please note that if you signed up for the last series of calls, you'll need to register again for the next series. (The previous link has expired.) When you register, 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. Next sessions are:
  • Thursday, January 14
  • Thursday, February 11
  • Thursday, March 11
  • Thursday, April 8
  • Thursday, May 13
U.S. Bank Eliminating HFA Overlay
U.S. Bank announced in their December 11, 2020 Seller Guide that they eliminated the following overlay, effective immediately:
FICO - FHA
  • For FHA loans where one borrower has a FICO score that is less than 660, the following requirements apply:
    • Eliminating - All borrowers whose income is being used to qualify for the loan must have been on their current job for 6 months.
    • The overlay of one-month reserves will still be required.
Minnesota Housing Holiday Closures
Minnesota Housing will be closed on Friday, December 25 and Friday, January 1 for Christmas and New Year's Day. Lenders will be unable to lock new loans between 8:00 p.m. on the Thursday before the office closure and 10:00 a.m. on the Monday after each holiday.
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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www.mnhousing.gov
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