Updated Borrower Affidavit Required Starting November 28

Reminder: Updated Borrower Affidavit
To meet mortgage revenue bond compliance, a new provision has been added to the Borrower Affidavit for the Start Up and Mortgage Credit Certificate (MCC) programs. This provision certifies that borrower(s) receiving a Minnesota Housing first-time homebuyer program do not have the intent to lease, sell, or assign any portion of the land being financed, including excess land that can be subdivided. Refer to the manuals for a complete list of excess property requirements. 
The Start Up Borrower Affidavit and MCC Borrower Affidavit are available immediately on our website and in Forms Generator. Borrowers closing November 28, 2016 and later must sign the new version. As a reminder, Borrower Affidavits should be signed at closing or as close to closing as possible.
Co-Borrowers and Co-Signers
The terms “co-borrower” and “co-signer” have different meanings and the distinction is important for Minnesota Housing’s Start Up and MCC first-time homebuyer programs. 
A co-borrower will be an owner of the property, signs the mortgage and note and will reside in the property. A co-borrower’s income must be included in the Program Eligibility Income calculation and the co-borrower must sign the Borrower Affidavit. Non-occupant co-borrowers are not permitted.
A co-signer signs the note but not the mortgage, and will not be an owner of the property. Unless the co-signer intends to reside in the property, the co-signer’s income is not included in the Program Eligibility Income calculation and the co-signer does not sign the Borrower Affidavit.
Office Closed for Thanksgiving
Minnesota Housing will be closed on Thursday, November 24 and Friday, November 25 for Thanksgiving. Lenders will be unable to lock loans between 5:00 p.m. on Wednesday, November 23 and 10:00 a.m. on Monday, November 28.
Intro to Minnesota Housing Training Online!
New! You can take the “Introduction to Minnesota Housing” training on-demand in place of the monthly Webinar. View the instructions to create an eLearning account to access this training. This training is excellent for individuals new to Minnesota Housing or those who need a refresher. If you have any questions please contact Emily Strong at 651.296.3631 or
December Webinars
Training is not just for loan officers! Our Webinars are just as important for underwriters, processors, closers and post-closers. Visit the training page for more details and register for these upcoming Webinars:
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.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
powered by emma
Subscribe to our email list.