Product Enhancement

Fannie Mae HomeReady

The following updates are effective for all HomeReady loans with a Note Date on or after July 26, 2016. Desktop Underwriter (DU) will be updated in a future release to reflect these changes. Until that time, DU messaging that conflicts with these changes may be disregarded.

Property Ownership

The occupant borrower may now own other residential properties and be eligible for a HomeReady transaction. The property ownership restriction has been removed.

Homeownership Education

Homeownership education is now required for purchase transactions only. The education requirement for Rate/Term Refinance transactions has been lifted. Borrowers will now have the option to obtain one-on-one pre-purchase housing counseling and homeownership education from a HUD-approved nonprofit counseling agency. The counseling recipient must complete both housing counseling and homeownership education.
A Certificate of Completion of Pre-purchase Housing Counseling (Form 1017) signed by both the Borrower and the HUD counselor must be included in the loan file. HUD-approved counseling agencies may be located on the following websites: Consumer Financial Protection Bureau’s “Find a housing counselor” and HUD Office of Housing Counseling. Please note that this is an additional option for completion of the required education program. The program offered through Framework remains available as well.

 

 

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