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Fannie Mae updates HomeReady, provides temporary $2,500 credit

Fannie Mae has announced updates to its HomeReady product, including a temporary $2,500 credit for very low-income purchase borrowers to use for down payment and closing costs. 

Another step the government-sponsored enterprise took was to enhance the best efforts commitments on HomeReady loans. It allows lenders to lock in margins and reduce hedging costs. 

The enterprise said that the new features “offer increased access to homeownership.” 

Regarding the loan-level price adjustment credit, Fannie Mae wrote in a lender letter released on Wednesday that it will be effective for details ⇒

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