New: Minimum 650 FICO with FHA 

In the April 12, 2017 eNews:
New Minimum 650 FICO with FHA | Top Producing Loan Officers | 
Acquisition Cost Limit Changes | Questions
New Minimum 650 FICO with FHA
Effective April 17, 2017 for existing and new commitments, FHA is now available to borrowers with a 650 credit score and 45% debt-to-income (DTI) ratio. U.S. Bank now allows Minnesota Housing borrowers to go up to a 50% DTI with a 660 credit score.
 Credit ScoreDTI 
650 45% 
660 50% 
The updated Credit and DTI Matrix reflects these changes. 
If you need to update an existing commitment, please submit the Allocation Change Request Form (available in Forms Generator) to the Partner Solutions Team. If you have further questions, please contact the Partner Solutions Team.
Congratulations to the Newest Top Producing Loan Officers
Congrats to our lending partners who made the list of Top Producing Loan Officers for the second half of 2016!
The Minnesota Housing Top Producing Loan Officer Program awards outstanding loan officers biannually at three levels: Platinum, Gold, and Silver. Loan officers meeting the threshold for each level based on regional production are recognized as top producers, and demonstrate a deep understanding of Minnesota Housing’s homebuyer loan programs.
We want to see your name on the next list! Whether you're shooting for Platinum level or working to become a Top Producer for the first time, you have until June 30 to commit your loans for the period of January 1-June 30, 2017. Just make sure you're taking these steps: 
  1. Contact your Web Administrator to be set up as a contact in the HDS SF Web Application system if not completed already.
  2. Claim your loans with your name in the Loan Officer field. Instructions on how to claim your loans can be found on the Minnesota Housing website.
  3. Get your loans purchase approved by Minnesota Housing in the HDS SF Web Application system.
Reminder: Acquisition Cost Limit Changes Effective April 17
At the direction of the IRS, we are adjusting acquisition cost limits for homes purchased through our Start Up, Mortgage Credit Certificate (MCC) and Step Up programs. These new limits apply to loan commitments made on or after Monday, April 17, 2017:  
  • 11-County Twin Cities Metro: $306,000 (decreased from $307,900)
  • Balance of State: $253,800 (decreased from $255,500)
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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Minnesota Housing
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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