Homeownership Lender Toolkit

The Lender Toolkit has forms, worksheets, guides and other resources to help Minnesota Housing Lenders originate Homeownership Program Loans.

The Lender Toolkit does not contain all information needed to originate loans for sale under Minnesota Housing programs. Complete information can be found in applicable Minnesota Housing Procedural Manuals for each program.

Homeownership Program Resources

Lender Directory – Add or update a contact card

The Lender Directory is a resource for consumers looking for a lender who works with our Minnesota Housing Homeownership or Home Improvement loan programs.

Who can be listed? Mortgage Loan Officers currently originating Minnesota Housing loans

How to I verify/review my information? Go to the Lender Directory and search for your name or company to find your listing.

Need to update your information or add a listing? Complete and send this form. You can also access it on the bottom of the Lender Directory page.

Start Up Program

Guides and Manuals

Start Up Procedural Manual
Forms Guide and Glossary - Overview with descriptions and PDF links to:
- Samples of all required/optional forms.
  - Access required loan forms via Minnesota Housing’s Loan Commitment System, Document Vendor, or your company’s LOS.
  - Find editable versions in the Loan Commitment System or contact us at mnhousing.solution@state.mn.us or 800.710.8871, option 2.
- Checklists
  - Program specific Minnesota Housing File Delivery Checklists (Forms Guide & Glossary, pg. 5)
  - U.S. Bank File Delivery Checklist (Navigate Allregs file path: HFA Division Lending Guide > 500: Housing Finance Agency > Minnesota > Minnesota HFA >HFA Specific Required Documentation Checklist)
- Worksheets
Credit and Debt to Income (DTI) Matrix
Lock, Fee, and Service Release Premium (SRP) Guide
Process Chart - General overview/quick reference guide for all departments in the loan origination process.

Income

Resources

Start Up Eligibility Income Worksheet
Eligibility and Qualifying Income Reference Guide – Detailed information to understand the differences between Start Up and Step Up Eligibility income vs. Qualifying income
Virtual Currency Information Sheet – Outlines working with and determining the impact of virtual currency on borrower eligibility

Limits

Income Limits – All limits for loan purchase programs
Conventional Product Income Limits – Income Limits that determine the MI coverage requirements for conventional loans. Use first mortgage Loan Qualifying income
Freddie Mac Eligibility Tool
Fannie Mae Look Up Tool
Purchase Price/Acquisition Cost Limits– All limits for loan purchase programs.

Program and Conventional Loan Product Descriptions

Start Up | Step Up Program Descriptions – Summarizes basic program requirements
Fannie Mae Product Description - For HFA Preferred™/UPMI. Includes mortgage insurance coverage information
Freddie Mac Product Description – For HFA Advantage®/UPMI. Includes mortgage insurance coverage information
Conventional Product Income Limits – Contains the Income Limits that determine the MI coverage requirements for conventional loans. Use first mortgage Loan Qualifying income

Resource Documents

Origination

Marital Interest Guidance: First-Time and First-Generation Homebuyer Status
Hazard Insurance Mortgagee Clause Instructions
Required Forms Summary: Start Up - Detailed explanation of required documents your borrower will sign at closing

Operations and Closing

US Bank Delegated HFA Overlays (Navigate Allregs file path: HFA Division Lending Guide > 1400: Overlay Matrix) Select overlay that applies.
Assignment of Mortgage and Endorsement of Note Instructions
Assignment of Mortgage Cover Letter: Settlement Agent Instructions
Process Chart - General overview/quick reference guide for loan originators

Step Up Program

Guides and Manuals

Step Up Procedural Manual
Forms Guide and Glossary - Overview with descriptions and PDF links to:
- Samples of all required/optional forms.
  - Access required loan forms via Minnesota Housing’s Loan Commitment System, Document Vendor, or your company’s LOS.
  - Find editable versions in the Loan Commitment System or contact us at mnhousing.solution@state.mn.us or 800.710.8871, option 2.
- Checklists
  - Program specific Minnesota Housing File Delivery Checklists (Forms Guide & Glossary, pg. 5)
  - U.S. Bank File Delivery Checklist (Navigate Allregs file path: HFA Division Lending Guide > 500: Housing Finance Agency > Minnesota > Minnesota HFA >HFA Specific Required Documentation Checklist)
- Worksheet
Credit and Debt to Income (DTI) Matrix
Lock, Fee, and Service Release Premium (SRP) Guide
Process Chart - General overview/quick reference guide for all departments in the loan origination process.

Income

Resources

Eligibility and Qualifying Income Reference Guide – Detailed information to understand the differences between Start Up and Step Up Eligibility income vs. Qualifying income (Step Up Income Calculation information on page 2)
Virtual Currency Information Sheet – Outlines working with and determining the impact of virtual currency on borrower eligibility

Limits

Income Limits – All limits for loan purchase programs
Conventional Product Income Limits – Income Limits that determine the MI coverage requirements for conventional loans. Use first mortgage Loan Qualifying income
Purchase Price/Acquisition Cost Limits – All limits for loan purchase programs

Program and Product Descriptions

Start Up | Step Up Program Descriptions – Summarizes basic program requirements
Fannie Mae Product Description – For HFA Preferred™/UPMI. Includes mortgage insurance coverage information
Freddie Mac Product Description – For HFA Advantage®/UPMI. Includes mortgage insurance coverage information
Conventional Product Income Limits – Income Limits that determine the MI coverage requirements for conventional loans. Use first mortgage Loan Qualifying income

Resource Documents

Originations

Hazard Insurance Mortgagee Clause Instructions

Operations and Closing

US Bank Delegated HFA Overlays (Navigate Allregs file path: HFA Division Lending Guide > 1400: Overlay Matrix ) Select overlay that applies.
Assignment of Mortgage and Endorsement of Note Instructions
Assignment of Mortgage Cover Letter: Settlement Agent Instructions
Process Chart - General overview/quick reference guide for loan originators

Downpayment and Closing Cost Assistance Loans (DPA)

Borrowers who qualify for a loan and are eligible for Minnesota Housing Start Up or Step Up programs, have the option to access one of our downpayment and closing cost loan programs.

DPA loans with amounts up to $18,000, are not grants. Each loan program has eligibility requirements and can only be used with a Minnesota Housing first mortgage.

Guide and Worksheets

Downpayment and Closing Cost Loan Comparison Chart
Downpayment Loan Disclosure Information
Deferred Payment Loan (DPL) Plus Eligibility Worksheet
First-Generation Homebuyer Affidavit - Required if using DPL+ First - Gen targeting criteria
Forms Guide and Glossary - Overview with descriptions and PDF links to:
- Samples of all required/optional forms.
  - Access required loan forms via Minnesota Housing’s Loan Commitment System, Document Vendor, or your company’s LOS.
  - Find editable versions in the Loan Commitment System or contact us at mnhousing.solution@state.mn.us or 800.710.8871, option 2.
- Checklists
  - Program specific Minnesota Housing File Delivery Checklists (Forms Guide & Glossary, pg. 5)
  - U.S. Bank File Delivery Checklist (Navigate Allregs file path: HFA Division Lending Guide > 500: Housing Finance Agency > Minnesota > Minnesota HFA>HFA Specific Required Documentation Checklist)
- Worksheet

DPA Subordination and REO Property Guides

Subordination and Refinance Guidelines
Minnesota Housing REO Property Purchase Agreement Addendum - Borrowers purchasing a Minnesota Housing-owned property are ineligibile for Minnesota Housing Downpayment assistance and/or closing cost loans due to secondary market constraints and federal regulations

Lender Training

Learn more about Minnesota Housing loan programs, requirements and how they work, hear about recent updates and get some guidance to get set up in and navigate the loan commitment system. Our Lender Training can lend a hand, with several learning options available to help you successfully originate and process our loans.

Marketing Materials

Minnesota Housing offers marketing materials that lenders may download to help promote our programs to potential homebuyers and housing industry professionals.

Census Tract

Targeted Areas – Information and instructions on Targeted Area Census Tracts. Includes an interactive map link.
Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871 for additional help looking up property census tract and block information.

Questions?

Partner Solutions Team availability: 8 a.m. to 5 p.m. on business days

mnhousing.solution@state.mn.us

651.296.8215

800.710.8871

Not sure who to contact? Review our Minnesota Housing and U.S. Bank HFA Division contact sheet