Freddie Mac announces 12.5% increase in Area Median Income (AMI) limits for Home Possible® purchases - Allowing more borrowers to qualify with:
- A low 3% down payment, which can come from a variety of sources including family, employer-assistance programs, secondary financing, and sweat equity.
- Non-occupant co-borrowers may help borrowers qualify for a 1-unit property.
- Lower mortgage insurance requirements than standard 30-year mortgages.
- The Home Possible® income limit on a property in Bothell, WA, for example, is now $99,680 vs Fannie Mae’s HomeReady income limit of $87,600.
- For borrower eligibility, visit: Freddie Mac Home Possible Eligibility Map
Contact a Loan Officer to discuss your best purchase financing options.
*All loans subject to underwriting review and approval.