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.
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.
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.
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.
- Kusilvak Census Area, AK
- Lake and Peninsula Borough, AK
- Wade Hampton Census Area, AK
- Yukon-Koyukuk Census Area, AK
- Baca County, CO
- Bent County, CO
- Costilla County, CO
- Crowley County, CO
- Custer County, CO
- Dolores County, CO
- Saguache County, CO
- Clay County, GA
- Heard County, GA
- Lamar County, GA
- Lincoln County, GA
- Quitman County, GA
- Stewart County, GA
- Wheeler County, GA
- Benton County, MS
- Holmes County, MS
- Humphreys County, MS
- Issaquena County, MS
- Jefferson County, MS
- Simpson County, MS
- Bennett County, SD
- Buffalo County, SD
- Corson County, SD
- Mellette County, SD
- Oglala Lakota, SD
- Shannon County, SD
- Todd County, SD
- Ziebach County, SD
- Brooks County, TX
- Crosby County, TX
- Culberson County, TX
- Hall County, TX
- Hudspeth County, TX
- Motley County, TX
- Sabine County, TX
- Zavala County, TX
Working with an Expert
These discount mortgage programs have additional qualifying criteria that includes restrictions, and waivers on standard conventional underwriting guidelines.
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.