Tag: HomeReady

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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Fannie Mae – Desktop Underwriter/Desktop Originator Release Notes DU Version 10.3 July 2019 Update – Dated May 21, 2019 – Effective July 20, 2019

Written by: Lloyd Rutherford, Staff Writer DU users this is an important update that will clarify some recent changes that you need to know and one that none of us expected to see! Rule Synopsis: Fannie Mae announces an update to their newest DU Version: DU Version 10.3. The changes announced in this release will […]

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Fannie Mae & Freddie Mac – HomePossible® & HomeReady®-Gift: Is a 3% gift of equity, used for down payment purposes, allowed on a HomeReady® or HomePossible® from an Aunt/Uncle? Gift Funds and Gifts of Equity – All Agencies – Chart

Answer: Both agencies allow gift of equity as the source of down payment for a HomeReady or Home Possible mortgage.  A lender can choose to overlay that ability, but Fannie and Freddie do not prohibit when the donor is an eligible donor.  However, the property must be a one-unit single family dwelling (Condo/PUD okay), and […]

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