Fannie Mae Upgrades 3 Percent-Down Mortgage Program

Posted To: MND NewsWire

Fannie Mae has made changes to its HomeReady mortgage program that allows borrowers to obtain a mortgage with as little as a 3 percent downpayment. The enhancements change income maximums and eligibility criteria and alter several requirements for the program's mandatory homeownership education. Changes that go into effect immediately include : Income limits have been raised to 100 percent of area median income (AMI) in all areas except for low income market tracts which have no limit. The company says this will expand access to affordable credit and also make it easier for lenders to determine eligibility for the loans. The occupant borrower will now be allowed to own other residential properties . Homeownership education courses that fulfill the HomeReady mortgage requirement have been expanded...(read more)

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