[ The latest news for Minnesota Housing homeownership lender partners ]
Home Mortgage Program Changes Effective March 26 
To streamline programs for our lending partners and manage limited program resources, we are launching key changes to our mortgage loan programs and homebuyer education requirement.
Some of these changes are a result of feedback we received from our lending partners via the survey and other communication channels. Thank you for the helpful input! 
To ensure you are up to date on all of our program changes, register for a Critical Lender Update webinar:
For help with registration, please contact Nicola Viana at 651.297.9510.

Monthly Payment Loan (MPL) Changes
Effective for existing locks, and loans locked on or after March 26, 2018:
  • $15,000 maximum loan amount
  • Income limit increase: Use the income limit for the first mortgage program the borrower is using. For example, for Start Up with MPL, the Start Up income limits apply. For Step Up with MPL, the Step Up income limits apply.
For additional eligibility requirements refer to the Downpayment and Closing Cost Loan Comparison Chart in the Homeownership Lender Toolkit

Deferred Payment Loan (DPL)/DPL Plus Changes
In order to stretch our Deferred Payment Loan and DPL Plus resources, we lowered the income limits, effective for loans locked on or after March 26, 2018.
For additional eligibility requirements refer to the Downpayment and Closing Cost Loan Comparison Chart in the Homeownership Lender Toolkit.

Step Up Program Changes
  • If a first-time homebuyer does not meet the Start Up requirements, it will now be easier to serve them through Step Up. Lenders can now lock first-time homebuyers (who do not qualify for Start Up) directly in the system under the Step Up program.  Manual commitments are no longer required. 
  • We are removing the "Lender Credit" 3.5% SRP option due to low usage.

Homebuyer Education Requirement
Effective for loans locked on or after March 26, 2018, if all borrowers are first-time homebuyers, at least one borrower must complete an approved homebuyer education course. This requirement applies regardless of whether first-time homebuyers use Start Up or Step Up and whether or not they receive a conventional loan or a Minnesota Housing downpayment and closing cost loan. 

Online Commitment System Updates
Our online commitment system will have updates on March 26 that will impact all new locks. To learn more, register for an upcoming Critical Lender Update webinar. 
For help with registration, please contact Nicola Viana at 651.297.9510.
Check out our website on March 26 for an updated online committment system recorded training and process guide. 
Save the Date for Spring In-Person Trainings
Refresh your knowledge of our homeownership programs and get the latest updates from Minnesota Housing, U.S. Bank HFA Division and representatives from Fannie Mae and Freddie Mac at our spring in-person trainings. Click on the dates below to learn more and to register: 
Live in central or northern Minnesota? Please join us for an afternoon to get the same program refresh and updates!  
For help with registration, please contact Nicola Viana at 651.297.9510. 
April Webinar Opportunities
If you are new to our programs or just need a refresher, please visit our training page and register for our March live Webinars: 
Additional training opportunities: 
For help with registration, please contact Nicola Viana at 651.297.9510. 
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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