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HomeReady vs. Home Possible mortgages. Home Possible is a similar program to HomeReady, but it’s backed by Freddie Mac instead of Fannie Mae. Both loans are designed for lower-income borrowers.
HomePath Ready Buyer Program. Fannie Mae’s HomePath ReadyBuyer program is geared toward first-time buyers interested in a foreclosed home. After taking a required online homebuyer education ...
The Fannie Mae HomeReady mortgage is geared to buyers who’ve been unable to save up a large down payment, who have nontraditional income, such as rent from a boarder, or who have other financial ...
Fannie Mae’s HomeReady mortgage program addresses one of the challenges of buying a home with a low income by requiring just 3 percent of the home’s price as a down payment.
Fannie Mae produced an automated underwriting system (AUS) tool called Desktop Underwriter (DU) which lenders can use to automatically determine if a loan is conforming; Fannie Mae followed this program up in 2004 with Custom DU, which allows lenders to set custom underwriting rules to handle nonconforming loans as well. [64]
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public. The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
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