On June 20, 2019, Freddie Mac announced they are reducing the income limits for their Home Possible program from 100% of area median income (AMI) to 80% of AMI. The implementation date is currently planned for July 28, 2019. This applies to all Home Possible mortgages, including those in low-income census tracts.
We published in the June Lending Announcement that Fannie Mae’s HomeReady product also reduced their income limits from 100% of AMI to 80% of AMI; however, HomeReady still has no income limit in low-income tracts.
Kelley DeCamp says:
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