
FHFA Increases Area Median Income Limits to Qualify More Borrowers
Low income just got higher! Some of our "low income" home loan programs are now available for borrowers with higher incomes. The Federal Housing Finance Agency (FHFA) just released updated Area Median Income (AMI) limits for 2023 and 2024. Limits increased an average of 7.73% across 95% of US counties. You can read the full announcement here from Freddie Mac. This change is expected to open the door to homeownership for more borrowers. Why did the FHA Make This Update to the Area Median Income (AMI) limits? The primary objective behind this decision is to foster an environment of increased accessibility to affordable homeownership...
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