FHA corrected borrower qualification criteria for the FHA-HAMP option in the Single Family Housing Policy Handbook. FHA updated the handbook to state that the borrower’s existing front-end ratio must be greater than 31% (rather than less than or equal to 31%), or 85% of the borrower’s income must be insufficient to cure arrears within 6 months. The correction is effective immediately.
Fannie Mae
Fannie Mae Updates Area Median Incomes used to Determine Borrower Eligibility for HomeReady, RefiNow and Duty to Serve Loans
Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs