AC-010 Conventional 2024 AMI and LPA Estimated Value
NOTICE TO ALL CUSTOMERS
Important Conventional AMI News and Other Updates
Fannie Mae and Freddie Mac –Area Median Income Limits for 2024
The Area Median Income (AMI) estimates used by the GSEs to determine if the Borrower’s annual qualifying income meets Home Possible and HomeReady limits were announced early this week. Some counties experienced a decrease in AMI limits with most areas showing an increase over 2023.
Fannie Mae and Freddie Mac will implement the 2024 limits on new loan file submissions made on or after May 19, 2024; however, to ensure loans are not affected by AMI limits that decreased in 2024 the GSEs will apply the following criteria when implementing the new 2024 AMI limits…