AC-017 Area Median Income (AMI) Limits Update 2023
Conventional Updates – Area Median Income (AMI) Limits Update for 2023
The Federal Housing Finance Agency (FHFA) recently issued the income limits for the Area Median Income (AMI) for 2023; consequently, Fannie Mae and Freddie Mac announced the timing for when these updates will be incorporated in their respective AUS technology systems (DU and LPA).
The 2023 national median income increased by 6.9% over what it was in 2022; therefore, with the updated 2023 Area Median Income (AMI) limits, lenders will be able to offer more affordable lending products offered at FLCBank such as:
Fannie Mae:
- HomeReady (Income must be less than or equal to 80% of the AMI for the location of the property)
- RefiNow (Income must be less than or equal to 100% of the AMI for the location of the property)
Freddie Mac:
- Home Possible (Income must be less than or equal to 80% of the AMI for the location of the property)
- RefiPossible (Income must be less than or equal to 100% of the AMI for the location of the property)
Effective dates:
Freddie Mac – Home Possible and RefiPossible – Effective June 8, 2023:
- LPA will apply the 2023 AMI limits to new loans submitted to LPA on or after June 8. Loans submitted to LPA prior to June 8 will continue to use the 2022 AMI limits.
Fannie Mae – HomeReady and RefiNow – Effective June 12, 2023:
- DU will apply the 2023 AMI limits to new loans submitted to DU on or after June 12. Loans submitted to DU prior to June 12 will continue to use the 2022 AMI limits.