Tag: Income Limits

When to Include Formerly Employed Spouse in Income Limits

Question: My client took a job promotion in another state and he and his wife will be moving there.  The wife is currently employed but may or may not work in their new location. Will USDA require us to add her income when considering county income limits? Answer: USDA RD regulation HB-1-3555 Chapter 9 states […]

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Fannie Mae HomeReady® Income Limit Changes and Freddie Mac HomePossible® Income Limit Changes for 2020 – Dated June 3, 2020 and June 29, 2020

Written by: Lloyd Rutherford, Staff Writer HomeReady® and HomePossible® are great programs for those clients who meet the required income limits.  Read through this article to explore how to assess the new income limits that may help you attract more clients. Rule Synopsis: Fannie Mae: Updated Area Median Income Limits (AMI) will go into effect […]

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USDA RD Increases Income Limits for 2020

Written by: David Hail, Staff Writer Income limits have increased for USDA 2020.  If you work with these types of loans you will need to read through this article and bookmark the new guides. Rule Synopsis: On May 5, 2020 USDA Rural Development published the 2020 Income Limits for the Single-Family Guaranteed Loan Program. The […]

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Freddie Mac Selling Guide Updates – Bulletin 2019-16 – Dated July 10, 2019

Written by: Lloyd Rutherford, Staff Writer Freddie Mac issued a bulletin with a lot of details a lender needs to review. Read through this article as our expert points out what you need to know. Rule Synopsis: Freddie Mac issues Bulletin 2019-16 with a number of topics, including an update on the AMI change to […]

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Fannie Mae Selling Guide Announcement SEL–2019-06 – Dated July 3, 2019

Written by: Lloyd Rutherford, Staff Writer Important updates from Fannie Mae’s seller bulletin, especially for those of you working with HomeReady® Buyers! Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Guide Announcement that […]

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