When does Fannie Mae LL-2026-09 take effect?

On February 22, 2027 (manual underwriting eligibility requirements).

What changed in Fannie Mae LL-2026-09?

Manual underwriting credit score model alignment, manual underwriting eligibility matrix alignment.

What should QC review after Fannie Mae LL-2026-09?

AWACS interpretation, not source language: Review the revised manual underwriting criteria in the Eligibility Matrix to evaluate the aligned credit score requirements across score models and product types for deliveries beginning Feb. 22, 2027. Quality control should test manually underwritten conventional loans delivered on or after Feb. 22, 2027, to verify compliance with revised minimum credit score requirements applied consistently to Classic FICO and VantageScore 4.0. Quality control should sample manually underwritten two- to four-unit principal residence transactions, cash-out refinances, HomeReady, and HomeStyle Renovation loans to ensure reserve and credit score requirements match the revised Eligibility Matrix.

Fannie Mae LL-2026-09: Manual Underwriting Eligibility

Loan impact

From the letter text · verified

Applies to: Applies to manually underwritten conventional loans delivered to Fannie Mae on or after Feb. 22, 2027.

Addressed to: All Fannie Mae Single -Family Sellers
Investor: Fannie MaeFrom the publisher, not quoted from the text
Programs: ConventionalFrom the publisher, not quoted from the text
Affected areas: Reserves; Score; Eligibility
Effective: Feb 22, 2027
Applicability confidence: Verified: every row taken from the source text is supported by it; rows marked "from the publisher" are not quoted

Supporting quotes from the letter

affected areas“The revised Eligibility Matrix simplifies the requirements and aligns manual underwriting eligibility for standard, HomeReady®, and HomeStyle® Renovation loans.”
affected areas“Aligning minimum credit score requirements for fixed-rate and adjustable-rate loans.”
affected areas“Establishing consistent credit score and reserve requirements for two- to four-unit principal residence transactions and for cash-out refinance transactions.”

What changed

From the letter text

Requirement	Previously	Now
Manual underwriting credit score model alignmentClarified	Not stated	References to credit scores include both Classic FICO and VantageScore 4.0, and the same minimum credit score requirements apply to both models.
Manual underwriting eligibility matrix alignmentClarified	Not stated	Manual underwriting eligibility is simplified and aligned for standard, HomeReady, and HomeStyle Renovation loans in the Eligibility Matrix.

What to do

AWACS interpretation · not source language

What to review: Review the revised manual underwriting criteria in the Eligibility Matrix to evaluate the aligned credit score requirements across score models and product types for deliveries beginning Feb. 22, 2027.

QC implications

Quality control should test manually underwritten conventional loans delivered on or after Feb. 22, 2027, to verify compliance with revised minimum credit score requirements applied consistently to Classic FICO and VantageScore 4.0.
Quality control should sample manually underwritten two- to four-unit principal residence transactions, cash-out refinances, HomeReady, and HomeStyle Renovation loans to ensure reserve and credit score requirements match the revised Eligibility Matrix.

Questions about Fannie Mae LL-2026-09

When does Fannie Mae LL-2026-09 take effect?: On February 22, 2027 (manual underwriting eligibility requirements).
Which loans does Fannie Mae LL-2026-09 affect?: Applies to manually underwritten conventional loans delivered to Fannie Mae on or after Feb. 22, 2027.
What changed in Fannie Mae LL-2026-09?: Manual underwriting credit score model alignment, manual underwriting eligibility matrix alignment.
What should QC review after Fannie Mae LL-2026-09?: AWACS interpretation, not source language: Review the revised manual underwriting criteria in the Eligibility Matrix to evaluate the aligned credit score requirements across score models and product types for deliveries beginning Feb. 22, 2027. Quality control should test manually underwritten conventional loans delivered on or after Feb. 22, 2027, to verify compliance with revised minimum credit score requirements applied consistently to Classic FICO and VantageScore 4.0. Quality control should sample manually underwritten two- to four-unit principal residence transactions, cash-out refinances, HomeReady, and HomeStyle Renovation loans to ensure reserve and credit score requirements match the revised Eligibility Matrix.

Source and record

Version 1 · archived Nov 4, 2026

Checks

Source verified: Passed
The document ID, link and publication date match the official source.
Quotes match the source: Passed
Every quoted passage appears word for word in the official document.
Requirements backed by the source: Passed
Anything marked required is backed by the requirement language and dates in the source.
In scope: Passed
The document is about residential mortgage lending.
Format and labels: Passed
The record follows the AWACS format and uses its standard labels.

Source

Lender Letter LL-2026-09 (official) ↗ (opens in a new tab)
Archived copy, SHA-256 6b9aeae8e81e…
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