With interest rates staying around 7%, it is always nice to get some good news that could help more people become homeowners. Recently, the Federal Housing Finance Agency (FHFA) issued updated area median income (AMI) limits for 2024. The AMI determines when a borrower’s annual qualifying income meets the income eligibility requirements for Fannie Mae and Freddie Mac Affordable Programs and for better pricing for First-Time Homebuyers.

The DMV is considered a high-cost area. Anyone trying to buy a home can confirm that! So, the annual income limits are as follows:

• First time homebuyer: $183,480.00
• HomeReady and HomePossible: $122,320.00
• Closing cost assistance: $76,450.00

These income limits refer to the combined income of anyone on the loan application.

If you qualify for these programs, the savings on the interest rate can be substantial depending on the loan-to-value and property type. So, an increase in income limits is a welcome change. Please contact me to learn more.