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With recent changes in Loan Level Pricing Adjustment (LLPA) with FreddieMac and FannieMae - First-time homebuyers are encouraged to apply for either FreddieMac HomeOne loan program or FannieMae HomeReady loan program for optimum rates.  

Qualification for FreddieMac/FannieMae - HomeOne/HomeReady loan program: 

1.   At least one borrower must complete either FreddieMac first-time homebuyer certification class or FannieMae first-time homebuyer certification class here. 
2.   At least one borrower must be first-time homebuyer. First-time homebuyers are defined as someone who has no interest in any property in the last 3 years.  
3.   High-cost area such as here in Seattle - borrowers cannot make more than 120% Area Median Income (AMI) for income eligibility. Type in subject property address here and review income limits as provided. For example, as of June 14th 2023 - here in King, Snohomish and Pierce Counties  - 120% Median Income is $164,760. Therefore, a borrower or combined borrowers Total Gross Income cannot exceed $164,760/year or $13,730/month.   A borrower cannot make more than $13,760/month here in King, Snohomish and Pierce Counties to become eligible for either FreddieMac HomePossible or FannieMae HomeReady loan program.  See FannieMae letter LL 2022-05 here.
4.   HomeOne loan program. There is no income limits n this one. However, standard private mortgage insurance (PMI) applies and HomeOne does not have the loan level pricing adjustment limits that Home Possible offers. 

Here’s more information on FannieMae HomeReady loan program and FreddieMac HomePossible loan program and HomeOne program.