Fannie Mae HomeReady Clarification

On Wednesday, we sent an eNews about the shift from Fannie Mae MyCommunityMortgage® to HomeReady that sparked some questions we want to clarify. 
What has changed?
The only difference is that the base underlying product for Fannie Mae’s HFA Preferred™ and HFA Preferred Risk Sharing™ will switch from MyCommunityMortgage® to HomeReady™. This allows new underwriting flexibilities for HFA Preferred™ and HFA Preferred Risk Sharing™.
One important variance in effect specifically for HFA Preferred™ and HFA Preferred Risk Sharing™ is that boarder income is not allowed.
What remains the same?
HFA Preferred™ and HFA Preferred Risk Sharing™ are offered through a variance to the HomeReady product which allows different terms. The following items are not impacted by this change:
  • The HFA Preferred™ and HFA Preferred Risk Sharing™ specific income limits
  • Homebuyer education policy
  • MI coverage requirements
What should I select when running HFA loans through DU®?
You should still select HFA Preferred™ and HFA Preferred Risk Sharing™ using the "Additional Data" screen. See the HFA Preferred™ and HFA Preferred Risk Sharing™ product descriptions for details.
Questions? 
Reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 7:30 a.m. and 5:00 p.m. on business days.
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