Plus: Increased Income Limits Effective Tomorrow
Plus: Increased Income Limits Effective Tomorrow
Homebuyer Education Requirement Reminder

Homebuyer Education Requirement

U.S. Bank Home Mortgage, HFA Division released Bulletin 2017-07 to remind lenders that per Fannie Mae and Freddie Mac guidelines, if homebuyer education is required, it must be completed pre-closing. 

The Minnesota Housing Homebuyer Education Policy states: 

Minnesota Housing requires homebuyer education if all borrowers are first-time homebuyers and they obtain:

  • A conventional loan, and/or
  • A downpayment and closing cost loan.

Homebuyer education must be completed before closing and at least one borrower per household must provide a certificate of completion before closing. Minnesota Housing’s online commitment system requires lenders to input an education completion date that occurs prior to closing.
Visit our website to find homebuyer education options in your area.
    Top Producing Loan Officer Production Deadline

    Twice per year, the Top Producing Loan Officer Program recognizes loan officers with high levels of Minnesota Housing first mortgage production. The next recognition period will cover production from January 1, 2017 to June 30, 2017.  

    To make sure you receive credit for all your Minnesota Housing loans committed during this time:

    1. Contact your Web Administrator to be set up as a contact in the loan commitment 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 loan commitment system by June 30, 2017. 

    You won't want to miss out on the great marketing benefits and recognition that come with being a Top Producer! We will announce the latest Top Producers by the end of August 2017.

      Reminder: Increased Income Limits
      Income limits for the following programs will increase for loans locked on or after June 1, 2017:
      • Start Up
      • Mortgage Credit Certificate (MCC)
      • Step Up
      • Downpayment and closing cost loans (Monthly Payment Loan, Deferred Payment Loan/Deferred Payment Loan+)

      For the new income limits and additional information, please refer to our May 24 eNews. The new income limits will be posted to Minnesota Housing’s website on June 1. 

      Updated Subsidy Recapture and Tennessen Warning Forms

      As a result of the new income limits, we will post updated Start Up and Mortgage Credit Certificate Subsidy Recapture and Tennessen Warning Forms on the website and in Forms Generator on June 1.

      For all loans locked prior to June 1, continue using the currently posted forms (dated 02/08/17). For all loans locked on or after June 1, please use the updated forms (dated 06/01/17).

      Last Chance to Register for In-Person Home Mortgage Trainings
      Moorhead and St. Cloud area partners: Join us for an upcoming in-person home mortgage training to brush up on your Minnesota Housing knowledge and skills.  

      Each session will cover borrower eligibility for Start Up, Step Up and downpayment assistance loans and the forms and documents needed to close these loans. Loan officers, underwriters, processors, closers and post-closers are all encouraged to attend.  

      Registration is free and required for each attendee. Click the links above to register. We hope to see you there! 

      Questions? Contact Nicola Viana at 651.297.9510.

      Need a Minnesota Housing Refresher?
      Can't make it to the in-person training? Get the updates you need from your computer! Visit the training page and register for our June Webinars: 
      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.
      400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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