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Home Possible Income & Property Eligibility

How to Read Your Results

Enter a street address to obtain the most accurate results. A pop-up window will appear with the following information:

  • FIPS Code – Uniquely identifies the census tract.
  • Home Possible Income Limit – For the specific census tract, this is the maximum borrower income allowed to qualify for Home Possible.
  • Borrowers whose qualifying income is less than or equal to 50% of county area median income may qualify for a Very Low Income Loan. Borrowers whose qualifying income is greater than 50% and is less than or equal to 80% of county area median income may qualify for a Low Income Loan.

Qualification Disclaimer – This tool is intended to help provide guidance as to qualifications for Home Possible® mortgages and other programs. Final eligibility is determined within Loan Product Advisor® or via approved manual underwriting.

Example 1: 100% AMI

In the sample scenario, the user entered "9200 Old Dominion Dr, McLean, VA 22102" in the search field which produced the following result:

  • "Home Possible Qualifying Income Limit" is the same as "100% Area Median Income". This means that the borrower's income cannot exceed 100% of the AMI when qualifying for a Home Possible mortgage for properties within this census tract.

 

Example 2: Low Income Census Tract

In the sample scenario, the user entered "125 McKinley Avenue Youngstown, OH 44509" in the search field which produced the following result:

  • "Home Possible Qualifying Income Limit" is "No Limit". This indicates that this is an underserved census tract, and there is no limit to borrower's income for a Home Possible mortgage for properties within this census tract.

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