2008 Area Median Income Changes to Be Updated in Loan Prospector on August 10July 31, 2008
The U.S. Department of Housing and Urban Development (HUD) has provided its 2008 area median income (AMI) estimates. On August 10, Freddie Mac will update Loan Prospector to reflect the 2008 AMI estimates.
What this change means for you:
- All mortgages submitted to Loan Prospector on and after August 10 will be assessed using the 2008 AMI estimates.
- To help Freddie Mac Sellers manage their pipeline of Home Possible® Mortgages originally submitted to Loan Prospector before August 10, that meet the higher of the 2006 or 2007 AMI limits, Sellers may disregard the Loan Prospector ineligibility feedback messages noted below for loans resubmitted to Loan Prospector on or after August 10, if both of the following conditions are met:
- The only reason for the ineligibility is that the 2008 AMI limits are not met.
- You deliver the mortgage to Freddie Mac on or before September 30, 2008.
Mortgage Product Code Feedback Message Home Possible PUR 48 Borr(s) income does not meet Hm Poss income limits. Home Possible Neighborhood Solution PUR 49 Borr(s) income does not meet Hm Poss NH Sol income limits.
Effective October 1, 2008, all mortgages with area median income limit requirements delivered to Freddie Mac must adhere to the 2008 AMI limits
You can find specific details on the 2008 AMI estimates, including AMI estimates by county, using our Affordable Income Property & Eligibility tool on FreddieMac.com. This tool has been updated to reflect the 2008 AMI estimates.
For More Information on Area Median Income Estimates
- Freddie Mac Sellers: Additional guidance regarding the 2008 AMI changes and delivery requirements can be found in the July 31 Single-Family Seller/Servicer Guide Bulletin.
- Third-party originators: Check with your wholesaler to determine how they plan to address these requirements.