In the mortgage industry AMI stands for Area Median Income, and what it means for you is that it could keep you from purchasing a home with a low down payment. There are many loan programs that target first-time home buyers with down payment assistance or low down payment features. Many of these programs have criteria restricting the household income of the borrower to be within the range of the median income of the area where the home is located. Just as the median income for Mason County is lower than that of Pierce County, the AMI limit will be lower for homes located within Mason county.
The good news is that if you are looking for a home in Pierce, King, Snohomish, or Skagit counties, we at Best Way Lending have an exclusive offering: no AMI limit. We know that in the Seattle Metro area, it often takes two incomes to make ends meet; and that extra income can put you just out of reach for some of these attractive low down payment programs. Now you can take advantage of our best conventional loans without worrying about AMI.
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