Key words: Low-income
Home Possible Mortgage,provided by Freddie Mac, is for those whose income is 80% of area median income (AMI) for the Property’s location.
For the income requirement,you need to verify only a borrower's qualifying income. For example, if the borrower can qualify for the mortgage with their base pay and not their overtime income, you may use only the base pay to determine Home Possible eligibility;besides,you don’t need to include spousal income or income from other members of the household who are not borrowers on the mortgage.
May borrowers have an ownership interest in other residential property at the time of loan closing?The answer is yes,borrowers who intend to occupy the property may have an ownership interest in other residential properties, but may only have a total of one other financed property (in addition to the subject property) at the time of closing. Non-occupant borrowers are not subject to this restriction.
Additionally,non-occupying borrowers are permitted on one-unit properties that meet the LTV ratio requirements in the Guide. However at least one borrower must occupy the property as their primary residence.Of course,income from non-occupying borrowers is included in the AMI calculation.
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