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Announcement 2019-029 Conventional, Home Possible and HomeReady Updates

Updates are being made to allow the use of short-term rental income through Airbnb on DU scored conventional refinances, along with Freddie Mac and Fannie Mae updates.

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Conventional Updates - 10/29/18

Effective with new registrations and pipeline loans on Monday, October 29, 2018, New Penn Financial is making certain updates where applicable to our Conventional, HomeReady®, Home Possible®, LMI, DURP and LPOA guidelines as noted below.

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Home Possible Updates - 10/29/18

Freddie Mac Seller/Servicer Guide Bulletin 2018-13 contained multiple updates to the Home Possible® and Home Possible Advantage® products which go into effect on October 29, 2018.

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Home Possible Very Low Income Program (VLIP) Launch

New Penn is committed to providing affordable lending solutions to help make homeownership a reality for low-income borrowers and is pleased to announce the launch of the Home Possible® Very Low Income program (VLIP).

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Conventional Updates

Cash-Out Refinance LTV/CLTV Increase, FHLMC HomeOne, and more.

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Conventional Income Limits Update

The income limits have been updated for both HomeReady and Home Possible.

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