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Innovative Mortgage Product From Fannie Mae Helps More Borrowers Qualify

Jan 8 2016

A recent article in National Mortgage News (NMN) says that HomeReady® mortgage by Fannie Mae, which lets lenders consider income from other household members when qualifying borrowers, received “near-universal praise from industry representatives and federal officials” at a recent housing symposium.

As reported by NMN, the symposium speakers said they expect HomeReady will “expand credit to more borrowers and open the door to more innovation in evaluating a borrower’s ability to repay.”

HomeReady, announced earlier this year and now widely available, helps to address the home financing challenges of multigenerational households, such as parents, adult children, and others sharing a home, minority families, and low- and moderate-income households.

And that’s a fast growing segment of the population.

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