NIFA is announcing changes imposed by Fannie Mae to the HFA Preferred loan product. The maximum income of borrowers choosing the HFA Preferred loan product may not exceed 80% of Area Median Income ("AMI"). Fannie Mae will use the DU first run date to determine loan qualification under the new income limits. The DU first run effective date is on and after Thursday, September 5, 2019.
The Fannie Mae imposed income limits are more restrictive than the NIFA household program income limits for each of the counties in Nebraska. The maximum 80% AMI limit applicable to HFA Preferred loans does not apply to FHA, VA or USDA Rural Development loans. Participating Lenders should continue to use NIFA's maximum household income limits for government loans.
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