Fannie Mae announced that it has changed income maximums and some eligibility criteria for itsHomeReady mortgage programthat it believes will allow more borrowers to qualify for a mortgage with as low as a 3 percent down payment.
In a statement, Fannie Mae says that it will continue to evolve the program as well in helping to “expand access to credit responsibly and promote successful home ownership.”
Fannie Mae detailed the following changes in a recent statement:
Borrowers who occupy the home will now be allowed to own other residential properties as well.
Fannie Mae has increased income limits to 100 percent of an area’s median income in all areas, except low-income market tracts that will have no limit. Fannie officials say this will make it easier for lenders to determine eligibility for the program and help more buyers take advantage of the mortgage program.
Fannie Mae is offering more counseling options and will now accept one-on-one pre-purchase advising from HUD-approved providers to meet HomeReady’s home ownership education requirement. Fannie Mae plans to soon offer lenders a $500 credit to urge borrowers to take advantage of a more personalized support option in fulfilling their education requirement.
With over 50 years of combined experience, Justin and his team takes real estate transaction to a whole new level by simplifying the steps which otherwise can be very complex and stressful. Throughout the transaction, clients are well informed through open communication lines and they are available to respond quickly and turn around offers and counter offers in a timely manner. His team consistently exhibits the knowledge, value and dedication that have earned them a reputation as one of the most trusted and admired real estate professionals. Justin specializes in homes in North King and South Snohomish county homes and condos including Mill Creek, Bothell, Lynnwood, Seattle, Bellevue.
With energy costs rising, energy-effincient upgrades are starting to a
"Justin was fantastic throughout the entire process. He made us feel like we were his only clients by making himself available whenever we needed, as well as promptly returning emails/calls/texts. He was on top of everything, and I'm sure there was a lot of "behind the scenes" things going on that we didn't even know about. He's extremely knowledgeable about the entire home buying process."