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Fannie Mae enhances affordable mortgage program
WASHINGTON – July 29, 2016 – Fannie Mae announced enhancements to HomeReady, its affordable mortgage option. HomeReady allows borrowers to provide as little as 3 percent down – the first affordable option to give borrowers the ability to qualify with income from non-borrower household members.
New enhancements
Simplified income eligibility – Fannie Mae says it raised income limits to 100 percent of area median income in all areas (except low income market tracts that have no limit), making it easier for lenders to determine eligibility and help more buyers take advantage of the affordable mortgage option.
Additional support for sustainable homeownership – In addition to the online course offered by Fannie Mae’s partner Framework, Fannie Mae will accept one-on-one pre-purchase advising from HUD-approved providers to meet HomeReady’s homeownership education requirement. In the coming months, Fannie Mae will offer lenders a $500 credit to encourage borrowers to take advantage of this new support option.
Market-driven features – More than 700 Fannie Mae lenders have adopted the HomeReady mortgage so far, and features continue to evolve. Fannie says it now incorporates feedback from lenders, making it a simpler, more effective product for the affordable and underserved market.
For a complete list of enhancements, see Selling Guide Announcement SEL-2016-06. For more information on HomeReady, visit Fannie Mae’s website.
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