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Announcement 2019-087: Conventional Updates

Update to the Framework Homeownership, LLC homebuyer education.

framework homeownership education program fee

Effective with new applications on or after October 23, 2019, the $75 course fee for Framework Homeownership, LLC homebuyer education is no longer required.

 

Prior to October 23rd, applications for loans requiring homeownership education will continue to be required for the $75 Framework course fee.

 

employment offers or contracts

Effective immediately, Fannie Mae has updated guidelines when a borrower is scheduled to begin employment under the terms of an employment offer or contract.

 

Option 2 - Paystub Not Obtained Before Loan Delivery, has been updated to clarify that borrower's start date must be no earlier than 30 days prior to the note date or no later than 90 days after the note date. Previously, the requirement was the employment start date as shown on the employment offer or contract must be within 90 days of the note date.

 

In addition to the required employment contract or offer, a verbal verification of employment that confirms active employment status is required when the start date is prior to the note date.

 

Please refer to Fannie Mae's Selling Guide for full details.