Are you wondering about the income limits for HomeReady in 2023? Fannie Mae, the government-sponsored enterprise, sets the HomeReady income guidelines that determine eligibility for this mortgage program. Here’s what you need to know about the income requirements:
You must earn more than 80% of your region’s average earnings (AMI) to be eligible for HomeReady.
The AMI varies by location, so your region’s median annual earnings will determine your income limit.
For example, if your region has a median annual earnings of $100,000, then the income limit for HomeReady will be $80,000.
It’s worth noting that there are also household size limits, which vary based on where you live.
To determine whether you meet the income requirements for HomeReady, it’s best to consult a lender who can help you assess your eligibility.
Keep in mind that HomeReady is designed to help low- to moderate-income borrowers access affordable financing for homes. By meeting the income guidelines, you may be able to take advantage of this program and achieve your dream of homeownership.
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