[ The latest news for Minnesota Housing homeownership lender partners ]
FHA Underwriting Overlays for Loans Locked after April 6, 2020
On Friday, April 3, 2020, U.S. Bank Home Mortgage - HFA Division announced (in SEL-2020-026) new overlays effective for loans locked on or after April 6, 2020.
FHA Loans (locked on or after April 6):
1. No manual underwriting allowed on FHA loans. Loans locked prior to 4/6/20 may still use or switch to manual underwriting.
2. FHA streamline refinance no longer available. Step Up loans with lock dates prior to 4/6/20 may still use/switch to FHA streamline refinance.
3. For all FHA loans <660 FICO
  • 1 month PITIA reserves required
  • Minimum 6 months on the current job for all sources of qualifying income
The existing FHA 650 minimum FICO score for Minnesota Housing Loans still applies. Details on the new FHA overlays can be found at Seller Guide Update 2020-026. See U.S. Bank AllRegs for all U.S. Bank requirements.

Minnesota Housing materials will be updated shortly to reflect these new FHA overlays. 

Critical Lender Update
We hosted a Critical Lender Update call last week (Thursday, April 2) to discuss the following topics:
  • Operations Update
  • Governor's Mandates
  • Form Updates
  • COVID-19 Impacts/FAQ's
  • Fannie Mae Preferred Risk Sharing Product Suspension
  • Rate Locks
You can review the recording here. Stay tuned as we will continue to have Critical Lender Update calls as we receive new information.  Visit our training web page to get the most up-to-date training on our programs.
Monthly Minnesota Housing Update & 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 the monthly calls.

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, April 9
  • Thursday, May 14
  • Thursday, June 11
eLearning and Recorded Trainings
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)
  • Post-closing (10 minutes)
  • Step Up Overview (10 minutes)
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 Webinars (on-demand):
Enter your information, click on "Register" and the webinar will begin.
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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