The GSEs simplified their low downpayment mortgage programs and announced updates in their selling guides late last week. The formula to determine a borrower’s eligibility by income limits is the first change aimed at making the application process for Fannie’s HomeReady program easier. “We are simplifying the way that income limits are applied by establishing a single area median income limit of 100 percent,” said Fannie. This is a change from the previous limit, in which the total annual qualifying income could not exceed 80 percent or 100 percent of the area median income, depending on where the home was located.