Selling Policy Communications
Access a list of Selling Announcements, Lender Letters, Notices, and related communications.
Selling Guide updates typically are published on the first Wednesday of the month.
| Announcement SEL-2026-06: Selling Guide Updates | June 3, 2026- In June, the Selling Guide updates include the retirement of rural high-needs value acceptance, updates to the treatment of authorized user tradelines, and clarification that IRS Form 8821 may be an acceptable alternative to IRS Form 4506-C. |
| Selling Notice – Area Median Incomes 2026 | May 27, 2026-Area median incomes (AMIs) for 2026 will be implemented in Desktop Underwriter® (DU®) and HomeReady® application programming interfaces (APIs), Loan Delivery, and the Area Median Income Lookup Tool effective June 13. AMI based pricing eligibility will continue to be based on casefile create date in DU and Application Received date in Loan Delivery until a future update scheduled for 2027. |
| Announcement SEL-2026-05: Selling Guide Updates | May 6, 2026-In May, the Selling Guide includes updates to remote online notarization requirements, single-closing construction-to-permanent loan modifications, IRS tax installment agreements, and co-op project eligibility. |
| Announcement SEL-2026-04: Selling Guide Updates | April 22, 2026-(Updated April 24, 2026) The Selling Guide has been updated to add VantageScore® 4.0 and FICO® Score 10T as approved credit score models, providing lenders with options when ordering a three in-file merged credit report. VantageScore 4.0 is available now through a limited rollout to approved lenders and FICO Score 10T will be available at a later date. |
| Selling Notice - Area Median Income-Based Loan-Level Price Adjustment Waiver Determination | April 15, 2026-The Area Median Income (AMI) eligibility determination for loan-level price adjustment (LLPA) waivers on HomeReady®, first-time homebuyer, and Duty to Serve loans is being standardized. For loans originated through Desktop Underwriter® (DU®), the DU casefile creation date will now be used to determine AMI eligibility instead of the application received date, while non-DU loans will continue using the application received date. This change will apply to all DU-underwritten loans sold to Fannie Mae with a Casefile Create Date on or after January 15, 2027. |
| Lender Letter LL-2026-04 Governance framework on use of artificial intelligence and machine learning | April 8, 2026-This Lender Letter provides a governance framework for Fannie Mae Seller/Servicers’ use of artificial intelligence and/or machine learning (AI/ML) in their origination and/or servicing practices. |
| Announcement SEL-2026-03: Selling Guide Updates | April 1, 2026-In April, the Selling Guide has been updated to include changes to support lender quality control efficiencies, Desktop Underwriter® (DU®) archival policy, delivering MBS pool data and documents, and an update to employer-level income validation in the DU validation service. |
| Lender Letter LL-2026-03 Updates to Project Standards & Property Insurance Requirements | March 18, 2026-This Lender Letter updates various project standards policies, as well as property insurance requirements for one-to four-unit properties and project developments. |
| Announcement SEL-2026-02: Selling Guide Updates | March 4, 2026-In March, we implemented updates to Chapter B3-3, Income Assessment of the Selling Guide to enhance clarity and consistency in income policies and clarified appraisal review requirements permitted for Texas Section 50(a)(6) loans. |
| Lender Letter LL-2026-02 Impact of Federal Government Shutdown | March 3, 2026-This Lender Letter provides temporary guidance on selling and servicing policies that may be impacted by the federal government shutdown that occurred on February 14, 2026. These temporary policies are effective immediately and will automatically expire when the federal government resumes full operations. |
| Announcement SEL-2026-01: Selling Guide Updates | February 4, 2026-(Updated March 18, 2026) In February, we updated the Selling Guide to align MH Advantage® and CHOICEHome® manufactured home requirements, and other miscellaneous updates. |
| Announcement SEL-2025-10: Selling Guide Updates | December 10, 2025-In December, we updated the Selling Guide to introduce HomeStyle® Refresh, a rebranded version of HomeStyle® Energy with expanded financing options and streamlined requirements; expand HomeStyle® Renovation eligible upfront disbursements, remove $50,000 renovation caps for manufactured homes, and clarify using limited cash-out refinance transactions to buy out a co-owner’s interest; eliminate the 3% acceptability requirement for 7- and 10-year ARMs; expand property eligibility criteria for accessory dwelling units and manufactured homes; and eliminate inconsistencies and add additional resources and clarity to prevent fraudulent transactions. |
| Lender Letter LL-2025-04 Confirmation of Conforming Loan Limit Values 2026 | November 25, 2025-Fannie Mae loan limit values are increasing in 2026. The new loan limit for the contiguous U.S. and Puerto Rico will be $832,750 — a 3.26% increase over the 2025 limit — and is effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2026. |
| Announcement SEL-2025-09: Selling Guide Updates | November 5, 2025-In November, we updated the Selling Guide to expand Day 1 Certainty® offerings to include representation and warranty relief for undisclosed non-mortgage liabilities, expand the eligibility for the age of credit document exception for single-closing construction loans, remove minimum credit score requirements from Desktop Underwriter® (DU®), and a miscellaneous update. |
| Announcement SEL-2025-08: Selling Guide Updates | October 8, 2025-In October, we revised the Selling Guide to allow the use of rental income from accessory dwelling units (ADUs), align the documentation requirements for rental income reported from a business, and increase the maximum cash back allowed for limited cash-out refinance transactions. |
| Lender Letter LL-2025-03 Impact of Federal Government Shutdown | October 1, 2025-This Lender Letter provides temporary guidance on selling and servicing policies that may be impacted by the federal government shutdown that occurred on October 1, 2025. These temporary policies are effective immediately and will automatically expire when the federal government resumes full operations. |
| Announcement SEL-2025-07: Selling Guide Updates | September 3, 2025-In September, we revised the Selling Guide to remove the term “appraisal waiver” from use alongside “value acceptance”, revise two requirements of the framework for a borrower-initiated reconsideration of value, expand eligibility requirements for manufactured homes, and clarify borrower ownership interest in life estates. |
| Announcement SEL-2025-06: Selling Guide Updates | August 6, 2025-In August, we revised the Selling Guide to include multiple requirements pertaining to co-op project eligibility and the Project Eligibility Waiver process, and other miscellaneous updates. |
| Announcement SEL-2025-05: Selling Guide Updates | July 2, 2025-In July, we updated the Selling Guide to revise project standards policies for properties that are terminating or involved in insolvency proceedings, clarify reporting requirements related to anti-money laundering for non-Bank Secrecy Act regulated entities, extend the Desktop Underwriter® (DU®) loan casefile archival period to 540 days and resubmission timeframe to 18 months for single-close construction-to-permanent transactions, remove the dollar limit for lender incentives; and other miscellaneous updates. |
| Announcement SEL-2025-04: Selling Guide Updates | June 4, 2025-In June, we updated the Selling Guide to introduce a policy supplement outlining key changes to appraisal forms, policies and requirement for lenders using UAD 3.6, align the Selling Guide with ANSI ® Z765-2021 measurement terminology, revamp requirements for lender QC processes, and a miscellaneous update. |
