20-14: RATE ADVANTAGE AMI UPDATE TO 135%

Announcement:

Version 8.5 of the Correspondent Lending Guide brings us a small update to one of our overlays.

On our Rate Advantage program and product, we allowed borrowers to have income that did not exceed 115% of the AMI. With this April 6th update, we are increasing that limit to 135% of the AMI, effective today, April 6th. You can see these changes in sections 5.3.2 and 5.7.

A few other minor semantic changes were put into place in this version as well. If you have questions about those semantics, please email info@chenoafund.org.

Thank you for choosing Chenoa Fund!

Thank you,

CBC Mortgage Agency