Fannie Mae Mortgage Program

Fannie Mae Mortgage Program

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 onHomeReady, visit Fannie Mae's website.

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

Salvatore Defrisco Headshot
Phone: 561-644-0052
Dated: August 2nd 2016
Views: 540
About Salvatore: ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

FOURTH OF JULY FUN IN THE PALM BEACHES - Pack your bags and discover the
Buy A Private Island For 269900 No Kidding - Looking to buy an island? Call...
VIP New Home Tour -
National Flag Day - National Flag DayWhen the United

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL

Other Locations