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[105] [106] In November 2000 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." It stated that since 1997 Fannie Mae had done nearly $7 billion in CRA business with depository institutions, but its goal was $20 billion. [102]
To qualify, your income can’t exceed 80 percent of the area median income (AMI) for the location where you’re buying a home. (You can look up local limits using Fannie Mae’s tool .)
Must be at or below 100% of the median income for your area. Recipients must also buy a HomePath property, which is a foreclosed home owned by Fannie Mae. Florida Housing Finance Corporation
Income limits: Many grant programs designate households that earn 80 percent or less of the area median income (AMI) as “low-income,” and limit the program to those in that range. The income ...
In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the Community Reinvestment Act (CRA) of 1977.
Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 115 percent of AMI. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance, which are typically 24 percent of an applicant's income.
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.
The Housing and Urban Development Act of 1968, Pub. L. 90–448, 82 Stat. 476, enacted August 1, 1968, was passed during the Lyndon B. Johnson Administration.The act came on the heels of major riots across cities throughout the U.S. in 1967, the assassination of Civil Rights Leader Martin Luther King Jr. in April 1968, and the publication of the report of the Kerner Commission, which ...