Homeownership Programs eNews
December 20, 2017
[ The latest news for Minnesota Housing homeownership lender partners ]
Mortgage Credit Certificate Program Update: End of Year Timing and Tax Reform Legislation
The tax reform legislation expected to be signed into law today will have no impact on current Mortgage Credit Certificate (MCC) holders or pending MCC transactions. 
  • Lenders must close all loans with MCCs by December 31, 2017.
  • MCC holders will still be eligible to have their MCCs reissued upon refinance. See MCC FAQs for Certificate Holders for more information on reissuance.
Conventional Cash to Close Grants Reminder: End of Year Deadline
With Fannie Mae HFA Preferred™ and HFA Preferred Risk Sharing™: 
  • Loans with grants must close by December 31, 2017 and be purchased by February 15, 2018. 
With Freddie Mac HFA AdvantageSM: 
  • Grants will be available into 2018. No end date for the grants has been determined.
  • As a reminder, the grant amount must be 200 basis points of the loan amount or 50 basis points of the loan amount (rounding up or down in $100 increments) depending on income. The full amount of the grant must be used; partial grants are not allowed.
Please see the Conventional Cash to Close Lender Guide for more information. 
January Trainings
If you are new to our program or just need a refresher, please visit our training page and register for January Webinars: 
Additional training opportunities: 
  • Intro to Minnesota Housing: View the instructions to create an eLearning account to access this on-demand training. If you already created an account, click here to view your training record and take the course.
  • Income Training: eLearning module coming soon!
  • Loan Commitment System Training: Recorded Webinar coming soon! 
Office Closed for Holidays
Minnesota Housing will be closed Monday, December 25 and Monday, January 1 for Christmas and New Year’s Day. Lenders will be unable to lock loans between 5:00 p.m. on the Friday before the office closures and 10:00 a.m. on the Tuesday after each holiday. 
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.
Twitter Facebook LinkedIn
www.mnhousing.gov
Manage your preferences | Opt out using TrueRemove™
Got this as a forward? Sign up to receive our future emails.
View this email online.
400 Wabasha Street North Suite 400
Saint Paul, MN | 55102 US
This email was sent to .
To continue receiving our emails, add us to your address book.
powered by emma
Subscribe to our email list.