Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady mortgage loans and RefiNow transactions. The 2022 AMIs will be implemented in and applied to new Desktop Underwriter (DU) loan casefiles created on or after June 24, 2022. At that time, the updated AMIs will also be published on Fannie Mae’s website for use with manually underwritten loans. For manually underwritten loans, lenders are encouraged to use the 2022 AMIs immediately but are required to use the AMIs for loans with application dates on or after Aug. 1, 2022. In addition, the Area Median Income Loan Lookup tool will be updated with the 2022 limits at the end of July 2022.
Click to view the Fannie Mae Selling Notice: https://www.tenaco.com/wp-content/uploads/2022/06/Fannie-Mae-Selling-Notice-Area-Median-Income-Limits-06-22-22.pdf
