Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2023 AMIs will be implemented in and applied to new Desktop Underwriter (DU) loan casefiles created on or after June 12, 2023. For manually underwritten loans, lenders are required to use the AMIs for loans with application dates on or after June 12, 2023. In addition, the Area Median Income Loan Lookup tool will be updated with the 2023 limits over the weekend of June 10, with an effective date of June 12, 2023.
Click to view the Fannie Mae Selling Notice – Area Median Incomes 2023: https://www.tenaco.com/wp-content/uploads/2023/06/Fannie-Mae-Selling-Notice-Area-Median-Incomes-2023-05-31-23.pdf
