Freddie Mac Announces Updates to Home Possible® Eligibility

July 1, 2019
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The revised requirement will apply to all Home Possible mortgages, including those secured by properties in low-income census tracts.

 

Freddie Mac has followed Fannie Mae's lead and issued Guide Bulletin 2019-15, announcing an update to Home Possible® eligibility requirements. The borrower's qualifying income must not exceed 80% of the area median income (AMI) for the area where the property is located. Loan Product Advisor® and the Home Possible Income & Property Eligibility tool will be updated on July 28, 2019, to reflect the updated borrower income limits, as well as the 2019 AMI limits. Pipeline coverage will be provided through Loan Product Advisor.

Source: Freddie Mac