RHS adopted rules pertaining to income banding, net family assets and area loan limits. Per the rule adoption: a two-tier income limit structure (also known as income banding) is now allowed within the single family housing programs; assets such as voluntary retirement accounts, tax advantaged college, and health/medical savings accounts are now excluded from net family assets; and the methodology used to determine the area loan limits is revised to use a percentage of the applicable local HUD section 203(b) limit. The revised area loan limit methodology becomes effective on August 5, 2019. All other changes are effective July 22, 2019.
Click Here to View the RHS – Final Rule – Income Banking, Net Family Assets and Area Loan Limits
