Fannie Mae and Freddie Mac both offer affordable conventional mortgage options. These programs can make buying or refinancing more attainable through benefits such as reduced mortgage pricing, lower-rate opportunities, smaller down-payment requirements, or reduced mortgage-insurance costs. Many programs compare qualifying income with the area median income for the property’s location, so the AMI lookup helps identify benefits that may be available when income falls within the applicable limit.
Conventional mortgage options designed to make homeownership more affordable through low down payments, reduced pricing, and reduced PMI for eligible borrowers. Options include Fannie Mae’s HomeReady and Freddie Mac’s Home Possible, which allow as little as 3% down—even for eligible repeat homebuyers.
At or below 80% of area median income (AMI): HomeReady and Home Possible are available to eligible first-time and repeat homebuyers purchasing a primary residence. Eligible primary-residence refinances may also qualify.
Above 80% and up to 100% AMI: Eligible buyers with at least one first-time homebuyer may qualify for reduced conventional pricing. The pricing threshold rises to 120% AMI in designated high-cost areas. Separate standard 3%-down purchase options require at least one first-time homebuyer; the income thresholds here apply to pricing benefits.
Check the AMI for the exact property address using the lookup below. We will help match your qualifying income and purchase plans to the available options.
Program details: Fannie Mae HomeReady · Fannie Mae pricing eligibility · Freddie Mac Home Possible · HomeReady eligibility FAQs
Enter the property address in Fannie Mae’s Area Median Income Lookup Tool. This will show you the AMI limits for the specific home you’re interested in.
Eligibility and benefits depend on the loan program, borrower income, occupancy, property, and current guidelines.
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