Freddie Mac has released a new online tool for lenders that determines whether a borrower's income qualifies them for a low down payment mortgage on a particular property.
To use the Home Possible Income and Property Eligibility tool, lenders enter addresses to determine if borrowers are eligible for a high loan-to-value loan. The map-based tool is free to use and is located on Freddie Mac's website.
The tool displays the income requirements for properties. It will also note if a property is located in an underserved area, meaning that there are no income limits.
