Loans Ineligible for Purchase without Homebuyer Ed Prior to Closing

U.S. Bank Will Not Purchase if Homebuyer Education Completed After Closing

Lenders have continued to deliver loans where the required homebuyer education was not completed prior to purchase, so U.S. Bank cannot purchase these loans. If homebuyer education is required, it must be completed prior to closing. See U.S. Bank's Lender Bulletins 2017-07 and 2017-01

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. 

Final Docs Address Change
A recent U.S. Bank’s Lender Operations Update, L-2017-026, announced that effective June 30, 2017, the address for final documents for HFA Division loans will be:
U.S. Bank Home Mortgage
7601 Penn Avenue South, Suite A1
Richfield, MN 55423 
Please note that in addition to the address change, the "ATTN:" line has been changed from "DOCUMENT CONTROL" to "HFA FINAL DOCUMENTS".
Original notes still go to the HFA Note Vault in Bloomington, Minnesota.   
We're Hiring!
Minnesota Housing is hiring! We are looking for a Community Initiatives Paraprofessional to provide key technical support for a number of Community Initiatives programs, including multiple support functions for community-based home improvement programs as well as development programs. In addition, the Community Initiatives Paraprofessional will coordinate disbursements across most of the community-based programs, including development, education/counseling, and home improvement. The job posting ends on Friday, July 7.
New Webinar: All About Income
Due to popular demand, we have added our income eligibility training to our monthly lineup of Webinars for July and August. This hour-long training provides an overview of everything you need to know to successfully calculate income specific to Minnesota Housing loan programs. It will focus mainly on program eligibility income for first-time homebuyer loan programs.
Minnesota Housing Quality Control staff will be available to answer questions on how they review income calculations when auditing loan files.
This Webinar is recommended for underwriters, originators and processors. Register here: 
Need a Minnesota Housing Refresher?
Training is not just for loan officers. Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training page and register for our July 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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