[The latest news for Minnesota Housing homeownership lender partners]
Reminder: Mortgage Deed Amendments No Longer Required
Mortgage Deed Amendments/Addendums are no longer required for any Minnesota Housing loans, effective immediately for loans in all stages. U.S. Bank Home Mortgage, HFA Division is removing this requirement from their checklist. If you get a deficiency citation for this form, contact your U.S. Bank Deficiency Specialist to have the deficiency removed.
Reminder: Conventional Cash to Close Grants
For a limited time, conventional loan borrowers with qualifying incomes at or below 80% AMI (by county) can receive third party grants for cash to close. Grants can be added to existing loans or when locking a new conventional loan.
Unlike our Deferred Payment Loan and Monthly Payment Loan, these grants do not need to be paid back. Borrowers can still layer other community seconds and Minnesota Housing's downpayment and closing cost loans with these grants. Grants are available until funds are exhausted.
Mortgage Credit Certificate Program Still Available - Now with Lower Interest
The Mortgage Credit Certificate (MCC) Program is still available - likely through the end of the year! The program now has a lower interest rate to match the Start Up program rates. We estimate we will have funds through the rest of 2017, but check the MCC page for weekly updates on the estimated date we will stop accepting new MCC commitments.
Loans must be locked by December 18, 2017 and must close by December 31, 2017 to be eligible.
For help on how to evaluate whether the MCC might be a good option for your borrower, or for any other questions about MCCs, please contact MCC Program Manager Kirsten Partenheimer at 651.297.3656.
If you are new to our program or just need a refresher, please visit our training page and register for our November Webinars:
Intro to Minnesota Housing - You can take this training on-demand in place of the monthly Webinar. view the instructions to create an eLearning account to access this training. If you already created an account, click here to view your training record and take the course.