Tag: HomeReady

Fannie Mae HomeReady® Income Limit Changes and Freddie Mac Home Possible® Income Limit Changes for 2021 – Dated May 19 & 27, 2021

Written by: Lloyd Rutherford, Staff Writer This is an important update if you market HomeReady®, HomePossible®, or are planning on marketing the two new programs Fannie Mae RefiNow® or Freddie Mac Refi Possible®.  The income limits have been adjusted, which may positively or negatively affect your client’s buying power.  Read this article to understand the […]

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Determining Income for HomeReady®-Alimony-Child Support

Question: If my client received Alimony but does not need that income to qualify, do I need to count it?  Counting it would exceed the HomeReady income limits. Answer: Income from alimony, child support or separate maintenance does not need to be disclosed on any mortgage loan for Fannie or Freddie if they (the borrower(s)) […]

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Fannie Mae HomeReady® Income Limit Changes and Freddie Mac HomePossible® Income Limit Changes for 2020 – Dated June 3, 2020 and June 29, 2020

Written by: Lloyd Rutherford, Staff Writer HomeReady® and HomePossible® are great programs for those clients who meet the required income limits.  Read through this article to explore how to assess the new income limits that may help you attract more clients. Rule Synopsis: Fannie Mae: Updated Area Median Income Limits (AMI) will go into effect […]

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Median Income and HomeReady® – What is Mandatory Income for Married Borrowers?

Question: My clients are married, and one spouse can qualify for the loan on their own.  Do I need to include their spouse, or can I leave them off the loan so that they meet the maximum median income requirements for a HomeReady® loan? Answer: The agencies leave a huge loophole for lenders to take […]

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Fannie Mae Homeownership Education Updates

Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady® program, this update contains some important announcements about the Homeownership Education requirement. Rule Synopsis: Fannie Mae eliminates the cost of homeownership education! Effective October 23, 2019. Fannie Mae makes policy changes for the HomeReady® product and their standard LTV loans that exceed 95%, […]

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