[ The latest news for Minnesota Housing homeownership lender partners ]
Federal Government Shutdown: Impact on Home Mortgage Programs
Minnesota Housing is committed to providing information on the federal government shutdown as it relates to home mortgage programs. Below is a summary of impacts identified to date.
U.S. Bank HFA Division Lender Operations Updates (LOU)
Please make sure to read U.S. Bank's LOU L-2018-076 for guidance on how the federal government shutdown affects the following:
  • U.S. Bank's tax transcript requirement
  • Social Security Number Verification
  • Verification of Employment (VOE)/Verbal VOEs for federal employees
  • Rural Development (RD) loan purchase
  • FHA/HUD operations
  • VA operations
  • FEMA Flood insurance
Start Up Borrower Tax Transcripts
Minnesota Housing's requirement that Start Up Borrowers provide a three-year history remains in place. While tax transcripts may be unavailable during the federal government shutdown, borrowers may continue to provide copies of their federal income tax returns.
The guidance provided in U.S. Bank's LOU L-2018-076 on the temporary change to U.S. Bank's tax transcript requirement does not impact the Start Up program three-year tax history requirement.
Fannie and Freddie Underwriting System Eligibility Updates
For loans locked on or after January 7, 2019 to be eligible for purchase:
  • Fannie Mae loans must be underwritten through Desktop Underwriter® (DU).
  • Freddie Mac loans must be underwritten through Loan Product Advisor® (LPA).
Loans must meet AUS recommendation requirements.
For information on HFA specific product requirements, see our conventional product descriptions:
Monthly Minnesota Housing Update and Underwriter Call
Join us monthly to review recent Minnesota Housing updates and important information to help you originate and process our loans. Click here to register for monthly calls. You will be signed up for all sessions, but can attend the sessions that work for you. All calls occur on the second Thursday of the month from 9:00-10:00 a.m. CST. Next sessions are:
  • Thursday, January 10
  • Thursday, February 14
  • Thursday, March 14
Training Opportunities
We offer free, short and on-demand eLearning modules:
  • Intro to Minnesota Housing (10 minutes)
  • Start Up Eligibility Basics (10 minutes)
  • Start Up Income Training (25 minutes)
  • Start Up Forms (20 minutes)
  • Downpayment and Closing Cost Loans (10 minutes)
  • Conventional Products (10 minutes)
  • Post-Closing (10 minutes)
View the instructions to create an eLearning account to access these on-demand trainings. If you already created an account, view your training record and take the course.
Recorded Trainings (on-demand):
We offer in-person training twice a year, in the spring and the fall. Stay tuned - we announce trainings in our eNews!
Questions?
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.
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