Freddie Mac issued Bulletin 2018-21 (Bulletin), introducing the GreenCHOICE mortgage for energy and water efficiency home improvements. The GreenCHOICE mortgage provides flexibility to finance the costs of energy and water efficiency improvements using the proceeds from a “no-cash out” or purchase transaction. The GreenCHOICE mortgage can be applied to most mortgage products and any property type eligible under the Single-Family Seller/Servicer Guide. Freddie Mac also updated requirements for condominium project and unit owner flood insurance, and updated requirements with respect to the collection of insurance policy premiums for condominium projects located in Puerto Rico. The GreenCHOICE mortgage is effective for mortgages with settlement dates on and after May 1, 2019. All other changes are 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
May 13, 2024
