Loan programs
HomeReady in 2026: check the updated income limits
Fannie Mae updated its area income figures in June. Learn what to check before ruling out this conventional option.
2026 income update effective June 13
What changed this year?
Fannie Mae announced implementation of its 2026 area median income figures on June 13, 2026. The applicable income table depends on the dates used in the loan review. Ask your loan officer to confirm the correct limit for your file and property address.
Who should ask about HomeReady?
HomeReady is a conventional mortgage option for eligible borrowers with lower incomes, including first-time and repeat buyers. The home must be a principal residence, and qualifying income must not exceed 80% of the area median income. Meeting the income limit alone does not establish loan eligibility.
Prepare the right questions
Eligible gifts, grants, and Community Seconds assistance are among the permitted funding sources, subject to program rules. On a HomeReady purchase when all occupying borrowers are first-time buyers, at least one must satisfy the required homeownership education or counseling before closing.
- Which income counts, and which annual limit applies to this address?
- Which funds are acceptable, and what documentation is required?
- How do mortgage insurance and total closing costs compare with other eligible options?
Sources: Fannie Mae: HomeReady product matrix
Sources reviewed on September 7, 2026