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No Income Limit Counties for HomeReady and Home Possible

86 Counties with NO HomeReady or Home Possible Income Limit

Did you know there are low cost conventional loan programs with no income limits?

  • Available in Low to Moderate Income Census Tracts
  • Offers discounted fees and mortgage insurance
  • Down Payment as low as 3%
  • Eligibility based on borrower income limits by County
  • Income limit can be waived if buying in designated County

HomeReady & Home Possible

Fannie Mae offers a special loan program, HomeReady, in low to moderate income areas.  If you are eligible, HomeReady offers reduced fees, reduced mortgage insurance, and as low as a 3% down payment.

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Freddie Mac also offers a special loan program named Home Possible.  Like it’s Fannie Mae sister loan, Home Possible offers reduced fees, reduced mortgage insurance, and as low as 3% down payment.

These programs are typically limited by putting income restrictions on you.  This restriction comes in the form of a maximum income to be eligible for the discounted mortgage.

Qualifying for a Discount Mortgage

These special discounted mortgages are available anywhere in the United States.  You must be able to qualify for a Conventional loan, as well as meet additional requirements.

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Common Qualifying Features include:

  • Cannot own another home
  • Do not always have to be first time home buyer
  • Flexible income sources
  • Flexible asset requirements
  • Maximum conforming conventional loan limit (no high balance)
  • Limited fees and discounted PMI increase purchasing power

Want more details? Read More About HomeReady or Home Possible HERE

86 Counties with No Income Limit

If you think your income exceeds the HomeReady and Home Possible County limits, you’ll want to make sure.

There are 86 Counties in 28 States where there is no income limit anywhere in the County or Census Area.

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If you are buying or refinancing a home in one of these Counties, a HomeReady or Home Possible loan should probably be put on the table for consideration.

Alaska

Alabama

Colorado

Georgia

Idaho

Illinois

Indiana

Kentucky

Louisiana

Michigan

Missouri

Mississippi

Montana

North Carolina

North Dakota

Nebraska

New Mexico

Nevada

Oklahoma

South Carolina

South Dakota

Tennessee

Texas

Utah

Virginia

Vermont

Wisconsin

West Virginia

Working with an Expert

These discount mortgage programs have additional qualifying criteria that includes restrictions, and waivers on standard conventional underwriting guidelines.

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You will often find the most inexperienced loan officers in big box mortgage lender call centers.  These customer service people understand little to nothing about individual loan program underwriting guidelines.

A professional loan officer is more likely to understand the benefits and nuances of these incredible programs.

Find My Way Home is an Expert Network of experienced mortgage professionals, here to answer your questions, and get you accurate answers.

You can get your questions answered by either visiting our Expert Network HERE, or you can leave a comment or question below.

I answer all questions, and if needed, can introduce you to a professional, experienced loan officer that I know can help.

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About Your Expert

Scott Schang

As a 19 year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. I have been writing about consumer protection issues, and making sense of complicated real estate and mortgage topics on this website since 2007

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