Virginia Housing will be complying with Fannie Mae’s 2020 AMI Limits which become effective with DU casefile Selling Notice 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 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.