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.
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.
We are a full service real estate brokerage with over 100 agents to serve you. Let us be your real estate resource. Regardless whether you need to buy or sell now, or sometime in the future, let us help you. We are no pressure and will always try and help. Contact us at 561-792-3948 now.
There is another great event in our area . Location is at the South Fl
"When I sold my home I interviewed many Companies. Knowing most buyers come from the internet I was looking for a Company with a strong internet presence. I googled some terms like, "Lake Worth Homes For Sale" and "homes for sale in Lake Worth", and almost every time Exit Realty Premier was on the first page of Google. Then when I met with the agent from Exit Realty Premier and saw the HD photographs, aerial photos, on line visual tours and videos and all the technology I was sold. I signed with them and sold my home in record time, for the price I wanted and had a smooth quick closing. My agent was very professional and knowledgeable and kept me informed every step of the way.