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Announcement SEL-2016-06: Selling Guide Updates
July 26, 2016 - The update includes enhancements to HomeReady that provide additional flexibility and expanded options to meet the homeownership education requirement; accept homeownership education from a Community Seconds or Down Payment Assistance Program, if the providers are HUD-approved counseling agencies; and provide an additional homeownership education option for borrowers who obtain customized assistance from a HUD-approved agency and a completed Form 1017.
Announcement SEL-2016-05: Selling Guide Updates
June 28, 2016 - The update includes simplifying the way income limits are applied for HomeReady; update to the policy on self-employed income; removal of the policy that limits refinances of restructured mortgage loans; and update to the policy on project insurance specific to mortgagee clause.
Announcement SEL-2015-13: Selling Guide Updates
December 15, 2015 - The update includes allowing second home and investment property loans to be secured by properties with age-related resale restrictions; policy update pertaining to manufactured homes under the RD-Guaranteed Section 502 program; clarifications relating to quality control vendor oversight reporting, reverification of income, and appraisal field reviews; removed the requirement to obtain a form from the borrower at loan closing to authorize early delinquency counseling; changed how and when buyup and buydown grids are posted; and other miscellaneous updates and changes.
Announcement SEL-2015-12: Selling Guide and Other Updates
November 3, 2015 - The update includes allowing refund of loan-level price adjustments on certain mortgage loans; clarifications and updates to co-op review policies; expansion of project review options for established condo projects; policy pertaining to delivery of loans with more than two borrowers will not be enforced; policy changes pertaining to HomeReady; and other miscellaneous updates and changes.
Announcement SEL-2015-10: Selling Guide Updates
September 29, 2015 - This Selling Guide update includes details about HomeReady mortgage, our enhanced affordable lending product designed to meet the diverse needs of today’s buyers; and updated homeownership education requirements.
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