Fannie Mae Announces new mortgage program

Fannie Mae is introducing the HomeReady mortgage as its enhanced affordable lending product, building on the longtime success of MyCommunityMortgage® (MCM®) since launched in 2001. Over time, some of MCM’s eligibility and underwriting flexibilities have been transitioned into standard policy. Recognizing the continuing need to provide more access to credit for creditworthy borrowers, Fannie Mae has developed new or revised loan and borrower eligibility requirements and underwriting flexibilities that are targeted to low- to moderate income borrowers and buyers in designated low-income, minority, and disaster-impacted communities. As a result of these changes, the MCM product has been redesigned with features intended to help lenders, nonprofit organizations, housing finance agencies, and other affordable housing advocates serve today’s market and support sustainable homeownership. In addition, the MCM product name has been replaced with “HomeReady mortgage.”
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