New FHFA Income Limits

Some of our “lower income” home loan programs are now available for borrowers with higher incomes. The Federal Housing Finance Agency (FHFA) recently updated its area median income (AMI) limits. Limits increased an average of 7.73% across 95% of US counties.

This change is expected to open the door to homeownership for more borrowers. Several government-sponsored loan programs provide preferable terms for borrowers who earn 80% or even 100% of an area’s median income. When that income level increases, more borrowers become eligible. These programs typically offer low down payments and flexible sources of funds (including gifts) for both first-time and repeat buyers.

If you or someone in your circle of friends and has hesitated to buy due to low income, it’s a good time to check to see if you qualify.