Release targeted for 12/21 10 PM
LLPA Adjustment Example:
FAQ:
- Do we know when Rocket and UWM eligibility will be updated – As each investor communicates their updates, we will update their content in Optimal Blue. If their guidelines are already updated with AMI changes, the team is working on these right now and clients should see these updates reflected throughout this week.
- Eligibility includes AMI maximums to Affordable program types (Home Ready/Home Possible, Refi Now/Refi Possible)
- Link to see the schedule: https://optimalblue.my.salesforce.com/?ec=302&startURL=%2Fa11%3Ffcf%3D00B1T000009xwLR
- The monthly qualifying income should be income for the total for borrowers on the loan – Yes correct, the total monthly income used to qualify the borrower(s) for the loan
- What is AMI? AMI is the comparison of your total income compared to average median income of the area – AMI is the Area Median Income for a county as determined by cencus data. The FHFA website has more detail and literature clients can reference.
- How is first time homebuyer play into AMI and are there differences as they apply to AMI – There is a First Time Homebuyer Yes/No field and for Fannie/Freddie this is a layer of requirements for borrowers to qualify for LLPA waivers. Clients can reference the investor websites and guides for more detail regarding this. Please note that if any borrower on the loan is a FTHB, they do qualify and the FTHB field should have Yes selected for pricing.
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Are you able to support High Needs Rural location qualifications for Duty to Serve?
A: We are actively working to support High Needs Rural locations. This portion required additional development to add address fields to the Loansifter UI and create additional rule variables. I anticipate this will be in Q1.
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Will the High cost areas take into account the 120% AMI requirement? Yes
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The drop down for the first time home buyer, is that just for the primary borrower? Either borrower can be first time home buyer and qualify for the waiver.