[ The latest news for Minnesota Housing homeownership lender partners ]
Home Mortgage Program Changes Effective March 2, 2020
We recognize the current market is competitive for your borrowers as they face multiple bids and rising home prices. To meet these challenges and continue to support homebuyer needs, our downpayment and closing cost loan maximum loan amounts are increasing and our purchase price limit structure for the Step Up program is changing.
To make sure you are up to date on all of our program changes, register for a Critical Lender Update webinar:
For help with registration, please contact the Partner Solutions Team at 651.296.8215 or 800.710.8871.
Downpayment and Closing Cost Loan Changes
Effective for loans locked on or after March 2, downpayment and closing cost loans maximum loan amounts are:
  • Deferred Payment Loan: Up to $10,000
  • Deferred Payment Loan Plus: Up to $13,000
  • Monthly Payment Loan: Up to $17,000
Downpayment and closing cost loans can now be rounded to the nearest whole dollar, and no longer need to be rounded to the nearest $100.
Documents and web pages will be updated on March 2 to reflect this changes. 
Step Up Purchase Price and Refinance Loan Amount Limits Changes
Effective March 2, purchase price/refinance loan amount limits for the Step Up loan program are based on the type of property the borrower is purchasing and the area of the state in which the property is located.
Location
 Property Type
Step Up Purchase Price Limit
 11-County Metro
 One unit
$382,950
 11-County Metro
 Duplex
$490,250
 Balance of State
 One unit
$331,760
 Balance of State
 Duplex
$424,800
Documents and web pages will be updated on March 2 to reflect these changes.
eSignature Now Allowed on Most Documents
Minnesota Housing and U.S. Bank Home Mortgage - HFA Division will accept electronic signatures on documents (including bond documents) except those listed below. Lenders must be compliant with federal, state, U.S. Bank, and underlying product electronic signature requirements. Consult your compliance team as needed. 
U.S. Bank requires eSignature approval for each lender. Lenders should submit the Lender Approval Request for eSignatures form to U.S. Bank. If you have questions about the approval process, please contact the U.S. Bank Customer Care team at 800.562.5165.
Minnesota Housing does not allow electronic signatures on:
  • Any recorded documents
U.S. Bank - HFA Division does not allow electronic signature on:
  • Notes and Modifications
  • Any document requiring notarization or recording (e.g. security instrument, etc.)
  • IRS 4506-T
  • See Allregs 900.C Funding Documentation Requirements for full list
Contact our Partner Solutions Team at 651.296.8215 or 800.710.8871 with questions.
Balloon Payment Language
We are updating our language to clarify that the Deferred Payment Loan is a balloon payment loan and must be disclosed as such. The program and loan terms are not changing.
As of March 2, you may notice clarifying language about the balloon payment included in various Minnesota Housing documents. Updates to the Deferred Payment Loan Note and Mortgage are forthcoming. As always, lenders should consult with their legal counsel and/or compliance department regarding the disclosure of balloon payments.
Monthly Minnesota Housing Update & Underwriter Call
Join us monthly to review recent Minnesota Housing updates and important information to help you originate and process our loans. Click here to register for the monthly calls.

When you register, you will be signed up for all sessions but can attend the sessions that work for you. All calls occur on the second Thursday of the month from 9:00-10:00 a.m. CST. Next sessions are:

  • Thursday, March 12
  • Thursday, April 9
  • Thursday, May 14
eLearning and Recorded Trainings
Check out our quick, on-demand eLearning courses:
  • Intro to Minnesota Housing (10 minutes)
  • Start Up Eligibility Basics (10 minutes)
  • Start Up Income Training (25 minutes)
  • Start Up Forms (20 minutes)
  • Downpayment and Closing Cost Loans (10 minutes)
  • Post-closing (10 minutes)
  • Step Up Overview (10 minutes)
View the instructions to create an eLearning account to access these on-demand trainings. If you already created an account, view your training record and take the course.
Recorded Webinars (on-demand):
Enter your information, click on "Register" and the webinar will begin.
Questions?
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.
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