Federal Housing Finance Agency (FHFA) recently issued updated area median income (AMI) limits for 2024

The Federal Housing Finance Agency (FHFA) recently issued updated area median income (AMI) limits for 2024, with a majority of the areas showing an increase over 2023. This means you may be able to offer even more flexibility and affordable lending opportunities to your borrowers.

As announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2024-C, the new AMI limits will be effective on May 19, 2024, and will be reflected in Loan Product Advisor® (LPA?) and in other eligibility tools including:

Freddie Mac uses AMI limits to determine whether a borrower’s area median income percent (AMI%) meets program requirements for Home Possible®, Refi Possible®, and HFA Advantage® mortgages, as well as certain Duty to Serve offerings. The AMI limits are also used to determine whether a loan is eligible for credit fee caps and credits, if applicable, including mortgages to first-time homebuyers, as described on Exhibit 19, Credit Fees, and Exhibit 19A, Credit Fee Cap Eligibility Criteria.

Certain Freddie Mac affordable lending programs use AMI limits and are as follows:

  • Home Possible Eligibility: income must be less than or equal to 80% of the AMI for the location of the mortgaged premises.
  • Refi Possible Eligibility: income must be less than or equal to 100% of the AMI for the location of the mortgaged premises.

Some or all of this information provided by Freddie Mac.  Review https://www.freddiemac.com/about  Review for details and more information.  Some or all of this information is provided by FHFA.gov.  Review https://www.fhfa.gov/DataTools/Downloads for details.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.