Tag: HomeReady

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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Fannie Mae Selling Guide Announcement SEL–2019-06 – Dated July 3, 2019

Written by: Lloyd Rutherford, Staff Writer Important updates from Fannie Mae’s seller bulletin, especially for those of you working with HomeReady® Buyers! Rule Synopsis: Fannie Mae is updating their selling guide for a variety of topics. This article will focus on the topics that benefit originators. The updates announced in this Selling Guide Announcement that […]

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Fannie Mae Lender Letter LL-2019-06 – Dated June 5, 2019 – Effective July 20, 2019

Written by: Lloyd Rutherford, Staff Writer If you work with the HomeReady program, this is an update that may blow up your loans if you do not pay attention. Severe changes to this program will soon go into effect. Rule Synopsis: This is a big change to the HomeReady product line, impacting both the income […]

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