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Fix Up Loan Program Rate Lock Guide

 

Lock InformationLock Information Details
Rate Sheetwww.mnhousing.gov
Locking a LoanLock loans using Minnesota Housing’s Loan Commitment System. Refer to the Fix Up Loan Program Commitment System Guide Process for instructions.
Lock AvailabilityUnavailable before 10 a.m. on the first business day of the month during the rate change.
Rate Lock Period
  • 60-day lock period for all Fix Up and Community Fix Up loans from the lock date until the loan is True & Certified in the Loan Commitment System.
    • Lock period is counted in consecutive calendar days, including weekends and holidays. If lock expires on a weekend or holiday, lock is extended to the next business day.
  • Locks expire at 8 p.m. (Central Time) on the day of expiration.
Lock Extensions
Lock Changes
Lock Transfer to New Lender
  • Contact the Partner Solutions Team to transfer a lock.
    • Originating lender must provide a written request and explanation for the transfer; and
    • New lender must provide written acceptance of the lock terms; and
    • Minnesota Housing must approve the transfer.
Lock Cancellations
  • Lock cancellations can be done by the lender in the Loan Commitment System. See the Fix Up Loan Program Commitment System Guide Process for instructions.
  • Minnesota Housing must approve any re-locks for the same borrower and property within 60 days of the original lock date.
  • Re-locks within the original lock period are subject to the higher of the original rate, or the rate at the time of re-lock.
  • If a lock has expired, the rate to re-lock the same borrower and property would be current pricing available (not subject to worst-case pricing).

In connection with Single Family Division loan programs, Minnesota Housing does not make or arrange loans. It is neither an originator nor creditor and is not affiliated with any Lender. 

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