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Selling Notice: HomeReady Income Limits 2017
June 20, 2017 - effective the weekend of July 8, 2017, updated HomeReady income limits will be implemented in Desktop Underwriter (DU) and in the HomeReady Income Eligibility Lookup tool. Read the Selling Notice for more information.
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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