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Major Loosening of High-Balance Conforming Standards; MyCommunity 2.0

Wednesday, September 30, 2015

Fannie Mae is initiating what it is calling an "enhanced affordable lending product it has named the HomeReady mortgage. The new loan is a reconfiguration of its My Community Mortgage (MCM) which it brought on line in 2001 but which has gradually morphed, from an underwriting standpoint, into a more traditional kind of loan.

The company says it has taken MCM and redesigned and enhanced it, targeting the loans to low-to moderate-income borrowers and buyers in designated low-income, minority, and disaster-impacted communities.  The HomeReady mortgage is a standard product available to all Fannie Mae lenders with no special approvals required.

 

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