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Are there income restrictions?

Yes. Income limits for conventional loans are based on the location of the home being purchased. Just type in the address on this cool HomeReady income eligibility tool.

Income limits for FHA and VA government loans are county-by-county and capped at 115% of area median income. For USDA-RD loans, income limits are generally higher and based on 1-2 person households and higher still for 3+ person households.