Bulletin 2024-032 2024 Area Median Income Limits
Newrez LLC "Newrez" Approved Correspondent Clients; Newrez has updated the Area Median Income Limits for 2024 provided by Federal Housing Agency (FHFA), the regulator of Fannie Mae and Freddie Mac.
Fannie Mae Guidance-Effective date May 19, 2024
The 2024 AMIs will be implemented in Desktop Underwriter® (DU®), Loan Delivery, and the Area Median Income Lookup Tool over the weekend of May 18, 2024, with an effective date of May 19, 2024.
DU will continue to apply the AMIs based on the casefile creation date. DU will apply the 2024 limits to new DU loan casefiles created on or after May 19. Loan casefiles created prior to May 19 will continue to use the 2023 limits.
To align more closely with the DU implementation, and to ensure loans are not affected by AMI limits that decreased in 2024, continue to use the Application Received Date provided in Loan Delivery (Sort ID 224) to determine which AMI limit to use when evaluating eligibility for the LLPA waiver. Loans with Application Received Dates prior to May 19 will use the 2023 AMI limits, and loans with Application Received Dates on and after May 19 will be subject to the 2024 AMI limits for the purpose of applying the waiver.
Freddie Mac Guidance-Effective date May 19, 2024
Loan Product Advisor® will be updated on May 19, 2024, to reflect the 2024 Area Median Income limits. In addition, the following tools and application programming interfaces (APIs) will be updated on May 19, 2024, to reflect the updated limits:
- Home Possible® Income & Property Eligibility tool
- Refi Possible® Income & Eligibility tool
- Area Median Income and Property Eligibility tool
- Income Limits and Affordable Check APIs
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Loan Product Advisor determination of Home Possible eligibility |
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IF the Mortgage is submitted as Home Possible on or after May 19, 2024 |
THEN the following income limits are applied… |
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For the following resubmissions: · The last submission before the effective date was also a Home Possible Mortgage, and · The income limits were met. |
The better of the following income limits: · 2023 Area Median Income limits at 80% of the Area Median Income OR · 2024 Area Median Income limits at 80% of the Area Median Income |
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For the following submissions: · The Mortgage is submitted for the first time, · The Key Number cannot be identified, or · The last submission before the effective date was not submitted as Home Possible and /or did not meet the income eligibility limits. |
2024 Area Median Income limits at 80% of the Area Median Income |
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Loan Product Advisor Determination of Refi Possible Eligibility |
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IF the Mortgage is submitted or resubmitted as a Refi Possible Mortgage on or after May 19, 2024 |
THEN the 2024 AMI limits apply at 100% of the Area Median Income. |
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Area Median Income used by Loan Product Advisor for Mortgages other than Home Possible or Refi Possible |
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IF the Mortgage is submitted or resubmitted on or after May 19, 2024 |
THEN consistent with existing functionality, Loan Product Advisor will use the 2024 Area Median Income |