[ The latest news for Minnesota Housing home improvement lender partners ]
Reminder: Fix Up Loan Program Changes - Effective July 2, 2018
Minnesota Housing is pleased to announce changes to the Fix Up Loan Program, focusing on process improvements, document simplification, and interest rate options. Most of these changes resulted from feedback we received from lending partners via surveys and other communication. Thank you for the helpful input!
The changes will be effective for loans committed on or after July 2, 2018.
To ensure you are up to date on all of the program changes, register for a Critical Lender Update webinar:
We will post a recorded version of the webinar on the Minnesota Housing website.
Income Changes
  • Increased program income limits:
    11-County Twin Cities Metro Area*
    Dodge and Olmstead Counties
    All Other Counties
*The 11-county Twin Cities Metro Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright Counties
  • Qualifying Income: Qualifying income determines program eligibility. A separate program eligibility income calculation will no longer be required. (Energy and Accessibility loans will still have no income limit.)
Application Changes
  • Application Options: You may use certain industry standard application forms with the new Fix Up Loan Application Addendum. 
  • 1003 Upload: You can upload 1003 applications using the .FNM (Fannie Mae) file format into the Online Commitment System.
  • Fix Up Application Still Available: Our Fix Up Loan Credit Application will still be available if you want to continue using this form. We are making changes to the Credit Application, which will be previewed during the webinars.
  • Underwriting Worksheet: All lenders will need to include a separate underwriting worksheet. Use your own underwriting worksheet or the new Minnesota Housing worksheet. 
Interest Rate Changes (does not apply to Energy or Accessibility Loans)
  • Quarterly Rate Changes: Starting July 2, 2018 (the first Monday of the quarter). See the new Loan Lock Guide for more information.
  • Expanded ACH Discount: A .25% discount available on both unsecured and secured loans.
  • Interest Rate Options: Interest rates will be tiered based on loan terms, which will increase rate competitiveness. 
Interest Rate Tiers by Loan Term: 
Secured Loan
Unsecured Loan
12-60 Months
36-60 Months
61-120 Months
61-120 Months
121-180 Months
181-240 Months

Other Changes

  • Garage Size Limit: Increasing from 800 square feet to 1,000 square feet.
  • Copy of Deed: No longer required on unsecured transactions if the most recent property tax statement verifies the borrower is the owner-occupant of the property.
  • Credit Report Fee: May charge the borrower the actual cost of the credit report. 
Check out the new and revised Fix Up forms during the webinars and on our website by July 2. See the new Lender Toolkit for more resources.
Questions? Contact Shannon Gerving at 651.296.3724.
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