Changes to Conventional Loan Commitment Instructions
Effective August 17, the process for locking all conventional loans in Minnesota Housing’s online commitment system will change slightly.
- Choose insured or uninsured when selecting your “Allotment” type. Remember that the UPMI options are insured, whereas HFA Preferred Risk Sharing™ loans are uninsured.
- Next, choose the “Allocation” name. Some of the conventional loan allocation names are changing and the UPMI allocations are new.
- Fannie Mae HFA Preferred™ allocations will begin with "Fannie/Freddie."
- UPMI allocations begin with "Fannie/Freddie Upfront Paid MI."
- On the “Loan Info” tab, choose “conventional” from the “Loan Type” drop-down menu. On the “Other” tab, choose Fannie or Freddie from the “Fannie/Freddie” drop-down menu. You will receive an error message if you do not make a selection.
If you lock an HFA Preferred™ or HFA Preferred Risk Sharing™ loan prior to August 17, our staff will update the commitments on your behalf to designate them as Fannie Mae loans.