Plus: Minnesota Housing Closed Thursday and Friday
Plus: Minnesota Housing Closed Thursday and Friday
[ The latest news for Minnesota Housing homeownership lender partners ]
HFA Preferred Student Loan Solutions
Obtaining a college degree can increase earning potential, but it often means years of paying back student loans. According to the New York Federal Reserve, more than 44 million borrowers were burdened with student debt in 2016.
We want to help you find innovative ways to serve this large and growing market of creditworthy would-be home buyers.
Fannie Mae offers student loan solutions that can help your borrowers, including those who qualify for HFA Preferred™, a low downpayment conventional mortgage for low- to moderate-income clients.
With changes to Fannie Mae’s student debt policies earlier this year, now lenders can:
  • Exclude non-mortgage debts paid by others for the past 12 months from the debt-to-income calculation, with proper documentation. These debts can include credit card, auto, and student loans.
  • Accept the monthly student debt payment amount listed on the credit report rather than manually calculating 1 percent of the loan balance.

Resources

Office Closed for Thanksgiving
Minnesota Housing will be closed on Thursday, November 23 and Friday, November 24 for Thanksgiving. Lenders will be unable to lock loans between 5:00 p.m. on Wednesday, November 22 and 10:00 a.m. on Monday, November 27. 
Conventional Cash to Close Grant Deadline
Conventional loans that include the Cash to Close Grant must close by December 31, 2017 to be eligible. For more information, see the Conventional Cash to Close Grant Lender Guide.  
December Webinars
If you are new to our program or just need a refresher, please visit our training page and register for our December Webinars: 
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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