Reminder: Increased Start Up Acquisition Cost Limits Effective May 3, 2021
Start Up's acquisition cost limits have increased for loans locked on or after May 3, 2021:
11-county Metro Area: $352,300
All other counties: $311,900
Legal Description Field No Longer Maxed at 75 Characters
Effective as of April 26, 2021, the Legal Description field in Minnesota Housing's loan commitment system now allows up to 800 characters. Please feel free to contact the Partner Solutions Team at 651.296.8215 with any questions.
The Subsidy Recapture Statement and Tennessen Warning has been updated to include language that certain Deferred Payment Loans and DPL+ loans may be subject to subsidy recapture. The updated Subsidy Recapture Statement and Tennessen Warning (dated 5.5.2021) may be used for loans locked on or after 5.3.21 and must be used for loans locked on or after 5.19.21.
If you generate forms in Minnesota Housing's loan commitment system, the system will automatically select the correct form based on lock date.
If you use your own system or a document management company, we are working with your company's document management contact to update your forms.
On April 30, 2021 U.S. Bank released Seller Guide 2021-021 announcing the temporary flexibilities allowing desktop appraisals and several other temporary flexibilites are expected to not be extended beyond May 31, 2021 (based on Application Received Date) and will expire. See Seller Guide 2021-021 for details.
eLearning Training Courses
Are you interested in learning more about Minnesota Housing loan programs, requirements, and how they work? The eLearning training courses are a great place to start. These self-paced training modules lay out the basics of the Start Up and Step Up programs, eligibility and income requirements, down payment and closing cost loans, and much more! To view a complete list of courses, visit the Homeownership Training page and select eLearning Courses.
You can reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.