[The latest news for Minnesota Housing homeownership lender partners]
Increased Income Limits Effective Today
Income limits for the Home Mortgage programs have increased for loans locked on or after July 2, 2018:
*The 11-county Twin Cities Metro Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
Increased Home Cost Limits Effective Today
The acquisition cost limit for Start Up and the purchase price or refinance loan amount limit for Step Up have increased for loans locked on or after July 2, 2018:
11-county metro area - $328,200
All other counties - $271,100
Important Operations/Post Closing Update
On June 8, 2018 U.S. Bank released a Lender Operations Update (L-2018-037) notifying lenders of changes to the Uniform Closing Dataset (UCD) Requirements for loan delivery. As of June 11, conventional loans that do not meet the UCD requirements are not eligible for purchase. The most common UCD-related deficiency is failure to embed the PDF of the borrower's Closing Disclosure. To ensure your loans are eligible for purchase, please follow the guidance outlined in LOU L-2018-037.
For additional questions and/or guidance, please contact the U.S. Bank Customer Care Team at 800.562.5165, option 1.
Minnesota Housing is Hiring!
Applications are being accepted for a Business Development Representative. This position will execute the business development activities for the Home Mortgage Programs, with a focus on the Home Improvement loan programs. This individual will form business relationships with lending partners, real estate agents and community lenders to support program production. The posting will end July 9, 2018. Click here to view the full position description.
Office Closed on July 4
Minnesota Housing will be closed on Wednesday, July 4 for Independence Day. Lenders will be unable to lock new loans between 5:00 p.m. on Tuesday, July 3 and 10:00 a.m. on Thursday, July 5.
If you are new to our programs or just need a refresher, please visit our training page and register for our July live webinars: