FHA issued a mortgagee letter updating preservation and protection requirements and cost reimbursement procedures for title II forward mortgages and HECMs. This mortgagee letter: consolidates and updates property preservation and protection (P&P) guidance for properties securing FHA-insured mortgages; increases the maximum property preservation allowance and adds, clarifies, and increases other line items; emphasizes FHA’s current conveyance condition standards; reminds mortgagees of FHA’s inspection requirements; and details claims calculation and documentation requirements for property P&P actions.
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
