AC-012 Conventional Product Updates
NOTICE TO ALL CUSTOMERS
Conventional Product Updates
FLCBank would like to inform you of various credit updates recently published by Freddie Mac and Fannie Mae.
Freddie Mac Updates
LPA Accessory Dwelling Unit (ADU) Property Eligibility Expansion
Freddie Mac announced their policy expansion to now accept Accessory Dwelling Units (ADUs) on 2- or 3-Unit Properties, in addition to their acceptance for 1-unit properties with an ADU.
New Desktop Appraisal Report Restriction
AMI Limits Updates
Loan Product Advisor (LPA) was updated on June 5, 2022, to reflect the new 2022 Area Median Income (AMI) limits utilized in Home Possible® loans and Refi Possible transactions.
The Freddie Mac’s Home Possible Income and Property Eligibility Tool was updated on June 2 with the 2022 AMI limits
Fannie Mae AMI Limits Updates
Desktop Underwriter (DU) will be updated with the new 2022 Area Median Income (AMI) limits utilized in
HomeReady® loans and RefiNow™ transactions today, June 24, 2022.
The Fannie Mae AMI Lookup Tool will be updated with the 2022 limits and the end of July 2022