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Dothan is an affordable, family-oriented city for middle-income homebuyers, with low property taxes and median home values of $182,364 — nearly 50% lower than the U.S. average of $359,892.
Fannie Mae is offering a $2,500 credit to HomeReady borrowers with incomes at 50 percent or less of their respective area median incomes. This credit can be put toward your down payment or closing ...
November: Fannie Mae announced that the Department of Housing and Urban Development (“HUD”) would soon require it to dedicate 50% of its business to low- and moderate-income families" and its goal was to finance over $500 billion in Community Investment Act-related business by 2010.
Each year, Fannie Mae and Freddie Mac set a baseline conforming loan limit, adjusting it for high-cost areas. For 2025, the baseline limit is rising from $766,550 to $806,500.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company.
Low-doc loans carry a higher interest rate and were theoretically available only to borrowers with excellent credit and additional income that may be hard to document (e.g. self-employment income). As of July 2010, no-doc loans were reportedly still being offered, but more selectively and with high down payment requirements (e.g., 40%).
Fannie Mae's HomeReady program targets buyers who make no more than 80% of the median income in their area. Freddie Mac's Home Possible program permits down payments as small as 3%.
Congress authorized an increase of the single family residences limits to the lesser of $729,750 or 125% of the median home value within a metropolitan statistical area (MSA). The new Jumbo-Conforming program was adopted by Fannie Mae and Freddie Mac effective from April 1, 2008 until December 31, 2010. [6]