[ The latest news for Minnesota Housing homeownership lender partners ]
Minimum FICO of 650 for Manufactured Homes with FHA
The minimum credit score for FHA borrowers purchasing a manufactured home has decreased to 650, effective immediately. This announcement replaces the minimum FHA credit score announced in our November 7 eNews. Going forward, the minimum credit score for government loans with manufactured homes now varies by product:
  • FHA: 650 minimum FICO
  • VA/RD: 680 minimum FICO
See the Manufactured Home section on page 2 of the Credit and DTI Matrix. Please call the Partner Solutions Team at 651.296.8215 or 800.710.8871 if you need to lock a loan for a manufactured home borrower with a credit score lower than 680.
Freddie Mac HFA AdvantangeSM Ownership Interest Update
Effective immediately, the Freddie Mac HFA Advantage product no longer prohibits borrowers from having an ownership interest in another property at the time of closing.
Did you know?
A person can still be considered a first-time homebuyer even if they have an ownership interest in another property that has not been their primary residence for the last three years.
Minnesota Housing has no overlays on ownership of other property, and many of our loan products allow ownership interest in another property as long as the loan meets underlying loan product requirements.
Minnesota Housing is Hiring! 
We are looking for a Lending Partner Customer Service Specialist to join our Partner Solutions Team. This position will provide high-level and comprehensive problem-solving assistance to Minnesota Housing business partners (lenders, real estate agents, and more) regarding our home mortgage, downpayment, and home improvement programs. This posting ends December 24, 2018. See the full position description and more benefits of working at Minnesota Housing.
Freddie Mac HFA AdvantageSM Insights Webinars
Learn Freddie Mac HFA Advantage product features and benefits available to low-to-moderate income homebuyers, and discover tips and tricks for using Loan Product Advisor® (LPA) and the entire Loan Advisor Suite® in this Freddie Mac-hosted Webinar. Register for one of the upcoming dates: 
You can also check out the Loan Advisor Suite resources page to access helpful guides and sign up for self-paced tutorials.
More Training Opportunities
Our eLearning modules are a great way to learn if you can't make it to in-person trainings or if you want a refresher before you attend an in-person session. Modules are short and on-demand:
  • 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)
  • Conventional Products (10 minutes)
  • Post-Closing (10 minutes) - NEW!
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 Trainings (on-demand):
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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