Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs will be implemented in and applied to new Desktop Underwriter (DU) loan casefiles created on or after May 19, 2024. For manually underwritten loans, lenders are required to use the AMIs for loans with application dates on or after May 19, 2024. In addition, the Area Median Income Loan Lookup tool will be updated with the 2024 limits over the weekend of May 18, with an effective date of May 19, 2024.
Click to view the Fannie Mae Selling Notice-AMI Limits for 2024: https://www.tenaco.com/wp-content/uploads/2024/05/Fannie-Mae-Selling-Notice-AMI-Limits-for-2024-05-13-24.pdf
