- Simple—Income eligibility will be simplified to 100% of area median income or no income limit (for low-income areas). This policy will be implemented in Desktop Underwriter® (DU®) the weekend of July 16, 2016, and will apply to all DU Version 9.3 loan casefiles submitted (or resubmitted) on or after that date. For manually underwritten loans, the policy is effective for loans with application dates on or after July 16, 2016.
- Sustainable—Building on the success of the Framework® online homeownership course, we’re committed to providing more options to empower borrowers facing complex challenges and those just looking for more customized help. That’s why, later this year, we’ll offer lenders a $500 loan-level price adjustment credit when borrowers take advantage of one-on-one pre-purchase assistance from a HUD-approved homeownership advisor. Details will be provided in a future Selling Guide update.
We’re working every day to be America’s most valued housing partner, and we’re committed to helping you reach today’s markets with added flexibility and limited risk. We appreciate your interest in HomeReady and look forward to your feedback on the enhancements.
- TMC Contact with Fannie Mae: Tammy J. Trefny, Sr. Account Manager - Business Development