The 2024 area median incomes (AMIs) have been implemented in Desktop Underwriter®(DU®), Loan Delivery, and the Area Median Income Lookup Tool. At a FIPS-level, 79.6% of AMIs increased for 2024, meaning more borrowers may meet AMI requirements.
Designed to give today's homebuyers more options
New HomeReady features offer increased access to homeownership With a low down payment and expanded financing flexibility, HomeReady offers an ideal solution that works for today's creditworthy low-income borrowers-whether they're first-time or repeat buyers. A new benefit of a $2,500 credit for very low-income borrowers can help overcome two of the greatest barriers to homeownership—down payment and closing costs. For more details, please read Lender Letter LL-2024-01 released on January 24, 2024. In addition, lenders can lock in margins, reduce hedging costs, and take advantage of an enhanced best efforts commitment with pricing similar to a mandatory commitment.
