November 4, 2026
Lender Letter LL-2026-09 Manual Underwriting Eligibility
This Lender Letter revises the Eligibility Matrix for manually underwritten loans sold to Fannie Mae on or after February 22, 2027, and includes aligning minimum credit score requirements for fixed-rate and adjustable-rate loans; establishing consistent credit score and reserve requirements for two- to four-unit principal residence transactions and for cash-out refinance transactions; and combining all manual underwriting requirements, including HomeReady® and HomeStyle®, in a single matrix.
