Fannie Mae Announces Temporary HomeReady Credit Extension

Today, Fannie Mae published an update to Lender Letter LL-2024-01, HomeReady Product Enhancement, extending the $2,500 loan-level price adjustment (LLPA) credit for very low-income purchase (VLIP) first-time homebuyers for an additional year. For loans delivered into MBS with issue dates on or after March 1, 2025, at least one borrower on the loan must be a first-time homebuyer to be eligible for the VLIP LLPA credit. Please refer to the Lender Letter for additional information.

For questions, please contact the Fannie Mae Investor Help line at 1-800-232-6643, Option 3, or by email.