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Home Possible Income & Property Eligibility

Home Possible Income & Property Requirements

For Home Possible mortgages, the borrower's annual income must meet the following requirements:

  • The borrower's annual income must be equal to or less than the area median income (AMI)  for the census tract where the property is located, except when the property is located in a designated "Underserved Area" or “High Cost” area.
    • See Guide Section 4501.7 for a list of the high cost areas in time and income multipliers for the U.S.
  • In a high cost area, the borrower’s annual income can exceed the AMI by a specified percentage.

  • When the property is located in a designated "Underserved Area," AMI requirements do not apply.

  • Underserved Areas are determined at the census tract level on the basis of median income, minority population levels and disaster area designation. An Underserved Area is defined as any of the following:
    • Low income tract: Census tracts or block numbering areas in which median income does not exceed 80% of the AMI;
    • Disaster area designation: Census tracts designated as disaster areas where families reside and have an income that does not exceed AMI;
    • Minority census tracts: Census tracts that have a minority population of at least 30% and a median income of less than 100% of AMI.

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