Fannie Mae issued Selling Guide Announcement SEL-2016-05 (Announcement). The Announcement: updates the Selling Guide to simplify the way income limits are applied for HomeReady; updates policy on self-employed income; removes the policy that limits refinances of restructured mortgage loans; amends the policy on project insurance (specifically as it relates to the mortgagee clause on a project master policy); updates the minimum interest rate floor for ARM notes and riders; and amends the Wisconsin security instrument.
Click here to view the Fannie Mae Selling Guide Announcement
