Update & Changes to HomeReady and Home Possible
Update & Changes – HomeReady® & Home Possible®
Fannie and Freddie have recently updated requirements for their HomeReady and Home Possible programs.
Changes to Income Limits
Income Limits for the HomeReady and Home Possible Programs are now 80% of AMI (Area Median Income) for all properties. The previous Income Limits were 100% of AMI, and if the property was located in an underserved area, there were no Income Limits.
- For HomeReady loans, these changes will be effective on new applications dated on or after July
20, 2019. Click Here to read the Fannie Announcement. - For Home Possible loans, these changes will be effective on new applications dated on or after July 28, 2019. Click Here to read the Freddie Announcement.
Max Allowed Properties
HomeReady and/or Home Possible borrowers can have ownership of one other property. The max allowed ownership of financed residential properties has been reduced to 2 – including the subject property.
- For HomeReady loans, these changes are effective on new applications dated on or after June 15,
2019. Click Here to read the Fannie Announcement. - For Home Possible loans, these changes will be effective on new applications dated on or after
July 3, 2019. Click Here to read the Freddie Announcement.
See the Update & Changes to HomeReady & Home Possible flyer here.