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.
An updated list of contact information for Minnesota Housing and U.S. Bank HFA Division staff is available on Minnesota Housing’s website.
Office Closed on Veterans Day
Minnesota Housing will be closed on Friday, November 11, 2016 in observance of Veterans Day. Lenders will be unable to lock loans between 5:00 p.m. on Thursday, November 10 and 10:00 a.m. on Monday, November 14.
Editing Your Contact Information
There are two main locations online where your contact information is stored with us - the Loan Commitment System and the Lender Search tool. If you have changes to your contact information, each one needs to be edited separately:
Loan officers are set up in the Loan Commitment System by their organization’s designated web administrator. Any changes to user privileges or account information should be requested through the web administrator. Learn more.
Fannie Mae DU® Updates in December - Impact on Property Ownership
During the weekend of December 10, 2016, Fannie Mae will update Desktop Underwriter® (DU®) Version 10.0 and remove the message related to not allowing current property ownership. In advance of the DU® change, lenders may override this message as Fannie Mae borrowers are permitted to own other real estate. See our August 22 eNews on this topic.
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: