Seller Affidavit & Personal Property Addendum No Longer Required
Effective immediately for loans in all stages, the Seller Affidavit and Personal Property Addendum are no longer required for Start Up loans. The Minnesota Housing Loan Commitment System, website, and documents have been updated to remove all mentions of these forms.
Personal property of value still cannot be financed with Start Up mortgage funds, but the Personal Property Addendum is no longer needed as documentation.
Summary of Forms and Document Changes Effecctive March 30, 2020
Deferred Payment Note and Mortgage - now contains balloon language
Removed the Seller Affidavit
Removed the Personal Property Addendum
Borrower Affidavit - reference to Seller Affidavit removed
Deferred Payment Loan Note & Mortgage with Balloon Language
As promised in our February 27, 2020 eNews, we have updated the Deferred Payment Loan Note and Mortgage to include balloon payment language. The Minnesota Housing Loan Commitment System now contains the updated version of the Deferred Payment Loan Note and Mortgage.
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