Virginia Housing will be complying with Fannie Mae’s
2020 AMI Limits which become effective with DU casefile
creations on and after June 20, 2020. The New 2020 AMI
Limits will not be implemented in Mortgage Cadence until
July 1, 2020.
Loans locked under the Virginia Housing Fannie Mae
HFA Preferred Reduced MI loan program with DU
casefile creations on and after June 20, 2020 where the
borrower’s qualifying income exceeds 80% of the new
limits, will be subject to LLPAs.
Lenders should contact the
LockDesk@VirginiaHousing.com to validate the accuracy of
locked pricing if it has been impacted by an LLPA adjustment during the period of June
20th through June 30th and the Lender has validated qualifying income is equal to or less
than 80% of Fannie Mae’s new 2020 AMI Limits and the DU casefile creation date is on or
after June 20, 2020.
Make sure to investigate Fannie’s new income limits. Your prospective clients who
were above 80% AMI prior to June 20th may no longer be subject to LLPAs!