Innovative Mortgage Product From Fannie Mae Helps More Borrowers Qualify
A recent article in National Mortgage News (NMN) says that HomeReady® mortgage by Fannie Mae, which lets lenders consider income from other household members when qualifying borrowers, received “near-universal praise from industry representatives and federal officials” at a recent housing symposium.
As reported by NMN, the symposium speakers said they expect HomeReady will “expand credit to more borrowers and open the door to more innovation in evaluating a borrower’s ability to repay.”
HomeReady, announced earlier this year and now widely available, helps to address the home financing challenges of multigenerational households, such as parents, adult children, and others sharing a home, minority families, and low- and moderate-income households.
And that’s a fast growing segment of the population.