ALERT – Guideline Updates for Fannie Mae

Effective for all Fannie Mae loans with an application dated on or after September 1, 2023, Arc Home will align with the changes communicated in Fannie Mae Announcement SEL-2023-06 and Selling Notice for the topics below.

·         Limited Cash-Out Refinance Transactions: Revised eligibility requirements to stipulate that at least one borrower on the new loan must be a current owner of the subject property (on title) at the time of initial loan application unless an eligible exception exists. Refer to Fannie Mae Selling Guide B2-1.3-02 for complete details.

·         Main Living Area Photographs: Provided additional details for interior photograph requirements for the main living areas of the property to include the living room, family room, dining room, all bedrooms, and all finished and unfinished areas of the basement. Refer to Fannie Mae Selling Guide B4-1.2-01 for details.