On January 24 2024, Fannie Mae issued Lender Letter (LL-2024-01) (click here), which announces a temporary enhancement to Fannie Mae’s HomeReady loan program of a $2,500 Loan-Level Price Adjustment (LLPA) credit for certain purchase borrowers. Specifically, this temporary enhancement will be available to borrowers on eligible HomeReady purchase loans whose total qualifying income is less than or equal to 50% of the applicable area median income for the subject property’s location—described as “very low-income purchase borrowers” by Fannie Mae.


Full Memorandum