Freddie Mac issued Bulletin 2017-16 (Bulletin), announcing revisions to selling requirements for mortgage loans secured by properties affected by Hurricane Harvey. Pursuant to the Bulletin, Freddie Mac is amending age of documentation requirements and setting forth special collateral requirements for mortgage loans impacted by Hurricane Harvey. The special collateral requirements mandate that sellers take appropriate steps (including a property inspection) to determine whether the mortgage loan remains eligible for sale to Freddie Mac and prohibit sellers from accepting automated collateral evaluation (ACE) appraisal waivers for properties located in zip codes affected by Hurricane Harvey (unless the note is dated prior to August 25, 2017 and the property has not been adversely impacted by Hurricane Harvey). The Bulletin went into effect September 7, 2017.
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
