Common use of Borrower Income Clause in Contracts

Borrower Income. The borrower’s income may not exceed 100% of the median income that HUD publishes for the property’s location, except for (i) higher income limits allowed for certain high-cost areas as specified in the Selling Guide, and (ii) an income limit of 115% of the HUD-published median in nonmetropolitan counties and (iii) borrower incomes imposed by other organizations (such as when a housing finance agency or an employer provides down payment or closing cost assistance), as specified in the Selling Guide. Borrower income limitations are not applicable, however, in neighborhoods that qualify as FannieNeighbors” locations; FannieNeighbors locations are specified in the Selling Guide. (A geocoding service is currently available on Xxxxxx Mae’s web site, xxx.xxxxxxxxxx.xxx, to assist lenders in determining whether a particular property is in an eligible FannieNeighbors area.)

Borrower Income. The borrower’s income may not exceed 100% of the median income that HUD publishes for the property’s location, except for (i) higher income limits allowed for certain high-cost areas as specified in the Selling Guide, and (ii) an income limit of 115% of the HUD-published median in nonmetropolitan counties and (iii) borrower incomes imposed by other organizations (such as when a housing finance agency or an employer provides down payment or closing cost assistance), as specified in the Selling Guide. Borrower income limitations are not applicable, however, in neighborhoods that qualify as FannieNeighbors” ® locations; FannieNeighbors locations are specified in the Selling Guide. (A geocoding service is currently available on Xxxxxx Mae’s web site, xxx.xxxxxxxxxx.xxx, to assist lenders in determining whether a particular property is in an eligible FannieNeighbors area.)