We will be complying with Fannie Mae and Freddie Mac’s 2021 AMI limits for the Virginia Housing Conventional program. Fannie Mae’s 2021 AMI limits are effective with DU casefile creations on and after June 5, 2021. Freddie Mac’s 2021 AMI limits are effective with LPA casefile creations on and after June 16, 2021.
The new 2021 AMI limits will be implemented in Virginia Housing’s LOS Mortgage Cadence June 5, 2021 based on application date, however the effective dates are determined by initial AUS run date set by Fannie Mae (June 5, 2021) and Freddie Mac (June 16, 2021).
Approximately 70% of Virginia’s jurisdictions will experience AMI increases. Your prospective clients who were above 80% AMI may no longer be subject to LLPAs! It’s important to also consider that while the majority of Virginia’s AMI increased, there are more areas than last year with AMI decreasing. Your immediate review is essential