Fannie Mae will be updating the HomeReady income limits during the weekend of June 23, 2018 and they have indicated that those income limits will increase for approximately 94% of the census tracts.
Of the census tracts that our increasing almost half will see an increase of at least 5% meaning more borrowers may qualify for HomeReady in areas where an income limit applies.
The new income limits will apply to DU casefiles created on or after June 23, 2018. Casefiles created prior to June 23rd will continue to use the 2017 limits.
The automated Fannie Mae Look-up Tool and the Income Eligibility by Census Tract Lookup Spreadsheet, located under the “Income Eligibility