Wednesday, September 30, 2015

Major Loosening of High-Balance Conforming Standards; MyCommunity 2.0

Posted To: MND NewsWire

Fannie Mae is initiating what it is calling an "enhanced affordable lending product it has named the HomeReady mortgage . The new loan is a reconfiguration of its My Community Mortgage (MCM) which it brought on line in 2001 but which has gradually morphed, from an underwriting standpoint, into a more traditional kind of loan. The company says it has taken MCM and redesigned and enhanced it, targeting the loans to low-to moderate-income borrowers and buyers in designated low-income, minority, and disaster-impacted communities. The HomeReady mortgage is a standard product available to all Fannie Mae lenders with no special approvals required. The loan will be available with a general income limit of 80 percent of area median income and is also available for properties in low-income census tracts...(read more)
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from Mortgage News Daily http://ift.tt/1O7HVLi

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