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Coming Soon! Freddie Mac HFA Advantage and Upfront Paid Mortgage Insurance

Coming Soon! Freddie Mac HFA Advantage and Upfront Paid Mortgage Insurance
Effective for new conventional loan commitments as of August 17, 2015, we are offering two new options to better serve your borrowers:
  • HFA Advantage – This Freddie Mac product offers a 97% loan-to-value (LTV) ratio with low mortgage insurance rates.
  • Upfront Paid Mortgage Insurance (UPMI) – This option is available with Fannie’s HFA Preferred™ and Freddie’s HFA Advantage and allows lenders to pay the mortgage insurance premium up front via additional SRP, eliminating the need for borrowers to pay for monthly mortgage insurance. This option requires a 720 credit score.
Both HFA Advantage℠ and UPMI will be available to all participating lenders and no additional participation agreement is required. Starting August 13, visit our website for more product information and resources.
We highly recommend attending a Webinar to learn more about these new options:
  • Tuesday, August 18 from 12:30 – 2:30 p.m.: In this Webinar hosted by U.S. Bank and Freddie Mac, you'll receive more in-depth training on Freddie Mac’s HFA Advantage℠ from origination to post-closing. Minnesota Housing staff will provide a short introduction on how to commit HFA Advantage℠ and Upfront Paid Mortgage Insurance in our online commitment system.
Power of Attorney
U.S. Bank and Minnesota Housing allow the use of a power of attorney (POA) for industry-standard documents only under one of the following circumstances:
  • Initial documents if borrower/co-borrower(s) signs final documents, OR
  • Final documents if borrower/co-borrower(s) signs initial documents.
A POA cannot be used to sign both initial and final documents.  
Lenders are responsible for ensuring the validity of the POA and providing evidence in the loan file. A valid POA must meet the following requirements:
  • Specific to subject real estate transaction.
  • Not expired at time of POA execution.
  • POA must sign his or her own name, and not the name of the borrower/co-borrower(s).
Closing documents should be signed at closing or as close to closing as possible.
For Start Up or MCC loans, lenders must request a waiver from Minnesota Housing staff to use a POA for the Borrower Affidavit. Contact the Partner Solutions Team to request a waiver. Other Minnesota Housing documents do not require a waiver to use a POA.
Secure File Exchange Now Available

Send your documents securely! You can now upload documents and send electronically to our Partner Solutions Team through the Secure File Exchange.

Use this tool when sending forms that contain social security numbers and other private data. Step by step instructions are available on our website.

Questions? 

Reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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