![]() Comparatively, the median income for Lebanon, Tennessee is $82,300, so the income limits for Home Possible borrowers in that area would be $65,840. In Minneapolis, Minnesota, for example, the median income is $104,300, so the income limits for Home Possible borrowers in that area would be $83,440 (80% of $104,300). To qualify for the Home Possible program, the combined income of all borrowers must not exceed 80% of the area’s median income. FREDDIE MAC HOME LOAN PROGRAM ZIPSince income levels and home prices vary greatly across the country, the Home Possible eligibility guidelines for income fluctuate, based on zip code. While these are the minimum requirements set forth by Freddie Mac, some lenders may have additional qualification requirements or might have limits that are more stringent than the Freddie Mac guidelines. ![]() Proof that at least one borrower will be a full-time resident in the property Home Possible Eligibilityįreddie Mac outlines several eligibility criteria for borrowers including:Ī combined income for all borrowers of no more than 80% of the area’s median income More specifics on income requirements and limitations are reviewed later in this article. Freddie Mac defines low income as 80% of the geographical area’s median income, though there are more specific limitations in the fine print of the program. ![]() Since Freddie Mac’s mission involves making homeownership affordable for all, the Home Possible Program was designed specifically to target low-income borrowers. If you’re exploring homeownership for the first time, or if it’s been several years since you’ve owned a home, the Home Possible Mortgage could be a great option to explore. The term “first-time homebuyer” can be a bit of a misnomer Freddie Mac defines a first-time buyer as anyone who has not owned residential property within the previous three years. ![]()
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