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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.
  • 100%, 80% and 50% Area Medium Income (AMI) Calculations – These calculations will give you an indication of the loan’s CRA and goal qualifying eligibility. (80% – 51% AMI = Low Income Loan; 50% AMI or less = Very Low Income Loan)

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: High Cost Area

In the sample scenario, the user entered "152 The Arches Cir, Deer Park, NY 11729" in the search field which produced the following result:

  • "Home Possible Qualifying Income Limit" is higher than "100% Area Median Income". This indicates that this is a high-cost area, which means that the borrower's income can exceed the AMI up to the indicated amount when qualifying for a Home Possible mortgage for properties within this census tract.

 

Example 3: Underserved Area

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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