Freddie Mac issued Bulletin 2019-15, amending income eligibility requirements for Home Possible mortgages. Per the Bulletin, to be eligible for a Home Possible mortgage, a borrower’s qualifying income (converted to an annual basis) may not exceed 80% of the area median income for the property’s location. Previously: there was no income limit for properties located in low-income census tracts (census tracts where the median income is 80% or less of the area median income); and for all other properties, the borrower’s qualifying income could not exceed 100% of the area median income. For manually underwritten loans, the amended income eligibility requirements apply to loans with Application Received Dates on or after July 28, 2019. Loan Product Advisor and the Home Possible Income & Property Eligibility tool will be updated on July 2, 2019 to reflect the amended income eligibility requirements.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
