WASHINGTON (8/28/15)--Fannie Mae has a new mortgage offering called HomeReady Mortgage, designed for creditworthy, low- to moderate-income borrowers. It allows expanded eligibility for financing homes in designated low-income, minority, and disaster impacted communities.
The agency shared a preview of the new offering with CUNA Strategic Services and noted it is based on feedback from its lending partners, who requested simplicity and certainty from mortgages. Fannie Mae is a CUNA Strategic Services strategic alliance provider.
HomeReady Mortgage will offer these features for lenders:
For borrowers, HomeReady will offer accessible and sustainable financing as well as the ability to use flexible sources of funds for down payments and closing costs, with no minimum contribution required from the borrower’s own funds for single unit properties. An online course will provide the required homeownership education to help homebuyers prepare for buying and the responsibilities of homeownership.