05/19/2025
š£ Big news for future homeowners and consumers looking to refinance! š” The Area Median Income (AMI) limits for 2025 have been UPDATED! š
Good news! The 80% AMI is now $82,160 annually ($6,846.66 monthly), up from $77,480 in 2024 for the following counties: Macomb, Oakland, Wayne, St. Clair and Livingston.
What does this mean for YOU? If your monthly income is below $6,846.66, you might qualify for incredible affordable loan programs like HomePossibleĀ® and HomeReadyĀ®! These programs offer:
ā
As little as 3% down payment (even if you're not a first-time buyer!)
ā
Significant discounts on interest rates
ā
Reduced monthly mortgage insurance
For example, on a $291,000 loan ($300,000 purchase price) with an interest rate of 6.375% (6.636% APR), with a 30-year term, your monthly principal and interest payment would be $1,815.46. Taxes and Insurance not included; actual payment obligation will be greater. Scenario based on a 740 credit score with rates and terms subject to change without notice. Subject to borrower approval.
Ready to explore your homeownership dreams? Contact me today to see if you qualify! Let's make your move happen. š