Tag: Income Limits

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 […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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 […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Freddie Mac Selling Guide Updates – Bulletin 2019-15 – Dated June 20, 2019 – Effective July 28, 2019

Written By: Lloyd Rutherford, Staff Writer Heads up if you work with the HomePossible® Program. This update will dramatically affect loans in your pipeline or some of your buyers who may be currently shopping for homes. Rule Synopsis: Freddie Mac announces that they are dropping their Area Median Income limits to a maximum of 80% […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Fannie Mae Lender Letter LL-2019-06 – Dated June 5, 2019 – Effective July 20, 2019

Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady program, this is an update that may blow up your loans if you do not pay attention. Severe changes to this program will soon go into effect. Rule Synopsis: This is a big change to the HomeReady product line, impacting both the income […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

USDA – Income Requirements – Separated Borrowers: What are the rules for a recently separated borrower regarding income eligibility?

Answer: Following are the guidelines, but pay particular attention to the 3-month rule if you do not want to count the spouse’s income. Reference: HB-1-3555 Include the income of an applicant’s spouse, unless the spouse has been living apart from the applicant for at least three months (for reasons other than military or work assignment), […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top