GSE Low Down Payment Mortgage Program Adjusts Area Median Income

Area median incomes (AMIs) for Fannie Mae and Freddie Mac’s low down-payment mortgage programs have changed recently, and that’s
a good thing, according to United Wholesale Mortgage President and CEO Mat Ishbia.
Fannie’s HomeReady and Freddie’s Home Possible offer low down payment mortgages for low- to moderate-income borrowers. AMIs
establish income eligibility standards for those programs. Freddie Mac’s AMI numbers changed on June 13. Fannie Mae will change
its numbers Saturday 7/8/17, and those changes will open up the programs to more people, Ishbia said in a UWM video presentation.

“More borrowers will now fit into the HomePossible program and the HomeReady program with Freddie and Fannie,” he said. “It’s very
positive – over 80% of all census tracts throughout America actually went up on Freddie Mac’s data.” Ishbia added that borrowers
could save a lot of money with these programs compared with an FHA loan if they have a 680+ FICO score.
“Realize it’s a big opportunity for brokers to be able to afford a borrower a Freddie-Mac Home Possible or a Fannie-Mae HomeReady
program that brokers couldn’t just a couple weeks ago” he said.
“It’s a very positive thing and it will be a cheaper payment for the borrower than FHA in many, many situations.”
Interested to see how much these programs can actually save you?

Contact Global Unity Mortgage of Vernon CT at (860)872-9479 or email them at They are retail brokers for UWM and can provide you with all the necessary information you’ll need to save you money and get you started on that new home purchase TODAY!

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