Flex Lender Requirements
MI Home Loan Flex Lender Requirements and Application;
Why should I become a MI Home Loan Flex Lender?
- Borrowers may be eligible for MI DPA Loan on FHA and RD loans up to $7,500.00. This can be applied to the down payment, closing cost and prepaid expenses (taxes and insurance). Maximum financing required. Available statewide.
- All adults in the household do not need to apply. Only qualifying borrowers will be underwritten for credit, assets and income.
- Collections and judgments do not necessarily need to be paid off; the lender will follow the AUS findings.
- MSHDA does not restrict the closing costs on the MI Home Loan Flex program. Your normal closing costs will apply.
- Recapture tax will not apply on MI Home Loan Flex mortgages.
- Lenders can enhance their CRA performance.
- Participating lenders receive free MSHDA marketing materials.
- If you have questions please contact the Business Development Specialist for your area.
Lender Application and Approval
- US Bank New Account Approval Package
- US Bank Participating Lender Agreement
- US Bank Contact and Authorization
- Lenders must complete the US bank training material located on the US bank website. Click here to register.
Whom do I contact to check the status of my Lender application, renewal or changes on our current application?
- Please contact US Bank at email@example.com
Where are the MI Home Loan Flex Lenders listed?
- Access our Experienced Loan Officer list
Does US Bank have any program fees?
- Yes. A funding fee of $400.00 and a tax service fee of $85.00. These fees will be netted out from the funding of the loan.
When do closed loan files need to be delivered to US Bank?
- Closed loan files need to be delivered to U.S. Bank within 45 days of reservation. A $375.00 extension fee is applied to loans that are not purchased by U.S. Bank within 70 days.