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.
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.
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.
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.
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.